The day was set up for a follow through bounce, and for Small Caps and Tech this was the case, but for the S&P and Dow early afternoon gains weren't sustainable and sellers again returned to push markets back.  Volume was light, which is more bad news for Large Caps, as buyers were too shy to make an appearance.

I was hoping for a little more but it was a lackluster (and low volume) recovery for the various indices. The Dow Jones was best positioned to benefit, but even it struggled to hold intraday gains.

Bears continued where they left off from Monday with a solid day of selling. Volume climbed to register a distribution day. The extent of the selling, taking out August swing lows, sets up for measured move targets down.  For the S&P, the downside target is the April breakout level just below 1,600.

A disturbing late day sell off killed the attempt by bulls to regain key moving averages. Volume was light, which was of some consolation, but the rate of decline pointed to some big selling.  Potential Syrian intervention was attributed as the cause of the selling, but markets still have some room to fall before becoming measurably oversold. The S&P will be looking at a test of 1,639, but tomorrow will offer another chance for bulls to regain the 50-day MA. Stochastics did regain bullish territory despite today's sell off.

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It was a solid day for bulls as Small Caps took the day's plaudits.  The Russell 2000 was able to mount a defense of its 50-day MA, firming the swing low at 1,013. The 20-day MA is overhead to offer resistance, although momentum is with bulls and some follow through is likely. Action in the Nasdaq is likely to help, with a break of the 20-day MA in the latter index probably to occur tomorrow.

There was to be no recovery of the 50-day MA.  The S&P marked an intraday high which was equivalent of the 50-day MA, but that was as far as it got. The eventual lower close was accompanied with a net bearish turn in technicals. The only thing going in its favour is the growing relative strength towards Large Caps and away from Small Caps (despite the recent reversal).