It proved to be a tough day for bulls. Shorts are unlikely to have been the cause of today's losses, although some may not have wasted time jumping on board. Apple's poor results were probably a cue for some long-term holders to bail out, although Fed action and international currency woes were also put forward as excuses, but collectively, this caused the nascent rally to breakdown. Volume climbed in confirmed distribution, setting up tomorrow for more of the same. Technical weakness in the S&P intensified, although bulls will look to a third day of held support despite the 1% loss on the day. Aggressive longs could look to buy this support on Thursday with a relatively tight stop available. Again, if there is any downside follow through on today, you probably wouldn't want to hold long into the morning session if no fightback was observed. However, a gap down at the open would be an interesting long opportunity.