I'm trying to keep things simple. I wasn't looking to be a buyer after the Fed statement yesterday. In its simplest form, yes, I think you could buy the SPDR S&P 500 ETF (SPY) right now if you are willing to keep a very tight stop on the position.
Looking at the daily chart, it is bearish across the board. Unfortunately, we are not yet oversold. A buyer has to be willing to respect the current price channel in the SPY at the moment, which means any close under $198.50 should be an immediate stop. I would not be willing to give it much room under $198.50 even on an intraday basis as selling could intensify if that support is broken. The next recent low is the $196.77 area from December, so if I were looking for a second long entry, or a place to cover any short taken on a break below $198.50, that is the area where I would look.
If not wanting to play the SPY itself, then look for the pockets of strength, although I would disregard the Dow Jones industrial Average at the moment. On last check, 21 of the 30 components were in the red, but because six very high priced components were green, the Dow was showing no loss on the day. McDonald's (MCD) and Boeing (BA) are carrying the index early on and while I think BA is a bit overheated here, MCD does make for an interesting look on the change at the helm.
The other area of strength early on in the day is in money center banks and the investment houses, which are mostly green at the moment. While some have faded, Goldman Sachs (GS), Morgan Stanley (MS) and JPMorgan Chase (JPM) are looking the strongest. While that may be area of strength today, these appear to just be working off some very oversold readings on the daily charts. I'd be a bit more interested in homebuilders, as rates still look like they will be low for some time.
After the close tonight, we will get another look at consumers, with the likes of Amazon (AMZN) and Visa (V) reporting earnings, followed by Altria (MO) and MasterCard (MA) tomorrow. Of course, we can't forget Google (GOOG), which, on the heels of Facebook (FB), should give us more depth on search as well as online action. A strong report from GOOGL and FB should bode fairly well for Twitter (TWTR).