It certainly got ugly today, especially on the NASDAQ. Once again it's broken below its 50 day moving average. It's also sitting just a few points below its May - November trendline. The NASDAQ 100/QQQ was able to make a tiny bounce off of its corresponding trendline to close above the line. So we're right on the brink of having some bad breaks of these trendlines. The S&P 500, on the other hand, is still hovering above its November highs, where it's been for the last 7 days. I've been amazed at how it's been able to stay above that support. It'll be interesting to see if the bulls can make another stand here.
I'm decidedly neutral right now, as my scans didn't turn up squat tonight, long or short. My guess is that there will be a shakeout tomorrow morning and a rally in the afternoon. But that's nothing but a guess and I'll likely just be watching, unless there are some good news plays to trade.
