I don’t think too much should be made of today’s selling. The S&P and Dow simply gave back Monday’s ill-gotten, stupidly low-volume gains. Things were a bit worse on the Nasdaq which gave back a portion of its post-Fed announcement rally. It threatened to slip back into that fun June trading range today but was able to bounce off the top of the range. The Russell also gave up Monday’s gains as well as a portion of last Friday’s gains, which I think were all due to its rebalancing. So basically the indices, except the Nasdaq, are back to their Thursday, post-Fed rally levels.

The Nasdaq also stands out from most of the other indices in that it’s not stuck between its 50 and 200-day moving averages. The Dow, S&P 500 and Russell are in what I like to call no-man’s land — they’re under their 50 DMAs (intermediate-term bearish) and above their 200 DMAa (longer-term bullish). Breaks of either average will should be very important.

Duru pointed out to me how quickly T2108 has risen from its sub-20 levels. It was close to 60 yesterday and is at a pretty neutral 51 tonight. Just based on T2108 I’d say that it’s no longer suicidal to be a raging bear again.

No changes today