As I mentioned in this post a few days back market will start recovering and could move higher to 16700-16800 range.
However, I would like to remind again that one should avoid creating new long position for long term. As the fed hikes the rate it is going to affect consumer spending sooner or later which will surely be stressful for company earnings. As the surplus money is withdrawn from economy the intrinsic value of stocks would reduce. So, it is better for long term investors to avoid creating positions now.
Currently I am selling very far out of money far month options as I feel markets are going to trade in wide range but not make a very big directional move.
