The market is seeing the choppiest intraday action in a while, and the bears had the advantage until a late day save took us off the low. The lack of momentum to break above 139 on the SPY is certainly a troublesome development with sharp intraday break downs in tech and small caps. However the support around the 50 day moving average continues to hold on the S&P. While we are faced with a deteriorating technical picture, the very short term could mean a gap up tomorrow morning on a well received MSFT earning. The way bulls handle the gap up and whether we close at the low again will be an important tell of the health of the market.
