Yes, I think there is definitely such possibility. But as I said , "after this decline finds a bottom." And there is still about 60 days till the next FOMC, I think its August 30th, or around that, if I'm not mistaken.
Looking at that NYSE summation chart it looks like bloodbath is more likely in the next couple weeks.
EOQ event is done, FOMC gave no hope. I really don't see what will keep this market proped up in the short term.
Once this sell-off is done, and earnings will start flooding, there may be another rally "maybe earnings aren't that bad, and market looks oversold, and this rate hike should be the last".
But starting the fall quarter I think earnings will already start detiriorating significantly, economy will be obviously slower, and next year expectations will be obviously unrealistic.
