The S&P is delicately poised. A loss of 1,956 will open thing up and should quickly offer a retest of 1.867. Today's volume was very light, but enough to maintain the 'sell' trigger in On-Balance-Volume.
The Nasdaq has probably done enough to register the support breakdown, but hasn't fallen enough to force longs to liquidate their positions.
The Russell 2000 may be edging a breakdown. Today's loss was minor, but it may be enough to suggest further selling is to come.
The easier path still looks to be down, but bulls can take some comfort today didn't bring the rout which had started to emerge as afternoon trading brought lower prices. Watch for a spike low on any rapid sell off as value buyers look to put a bottom in the market.
You've now read my opinion, next read Douglas' and Jani's.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com, and Product Development Manager for ActivateClients.com. I do a weekly broadcast on Friday's at 13:30 GMT for Tradercast, covering indices, FX and gold, silver and oil - all are welcome! You can read what others are saying about Zignals on Investimonials.com.
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