Wednesday morning update

Internals are improving after starting off weak, but the ES is still having trouble clearing resistance at 1180. I still expect us to take this out eventually (we are popping as I type this). Anyway I think there will be limited downside today in the small chance we do finish negative. We'll see what happens. Weakest sectors are homebuilders, and the financials. Strongest sector is gold, oil and semi conductors. I expect today to be an oversold bounce. I don't think the market is out of the woods by any stretch but we shall see.