Midday Update

{+++} In looking at the data it looks like another case of the market just trying to let air out. Yellen wasn’t really hawkish at all yesterday, the GDP report was very good although the ISM # was not so great. However Argentina is defaulting so that’s not good.

I am looking at support at the 1940 level on SPX.  If that breaks then we could see 1920 then 1900. We are hanging around 1945 right now.

The Nasdaq right now has broken its 20 day moving average and the Russell 2000 finally broke that uptrend line that we have been talking about. The DOW looks pretty bad too and has broken uptrend support. Now its a case of how empowered the bears feel. They have been destroyed at every turn so far,as they get a couple/ three days of fun, and then the bulls take over again.

If your long you’re getting hit today. You are not alone.

Best thing to do is to wait for the dust to settle a bit, right now the selling is still strong and it is not slowing down.

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