Midday Look

Indexes are down over 1% today, initially led lower by Europe and falling crude. Crude oil has broken 40 and although its been weak for over a month, the stock market has managed to hold on. It seems now that decoupling has ended, at least for now.

The Nasadq “looks” like it may have put in a short term topping bar yesterday, but we may need a day or two to see if that holds water or not..

So far the SPX has broken the 2150 level and so far the 21 day moving average today. Lets see if the bulls step up as we approach the close.