San Francisco Federal Reserve Bank President Janet Yellen said on Monday that the current turmoil in financial markets has added "appreciably" to downside risks for the U.S. economy.
"Financial market turmoil seems likely to intensify the downturn in housing," and pose a risk to broader economy, especially consumer spending, Yellen said in a speech at the National Association of Business Economics annual meeting.
Here's the two-day 5-minute chart;
Here's the 8-day chart. Notice that although the market sold-off, it wound up closing near important Fibonacci levels from the previous advance.
Finally, here's the daily chart. Over the weekend, I stated I think the market is going to use the 200 SMA as a center of gravity until the Fed's meeting.