Today's action didn't break the bounds of Friday's range but did create a scenario where solid swing lows develop; bullish harami crosses are one of the most effective swing low markers. The best opportunity can be found in the Nasdaq 100. A rally from here would suggest the makings of a trading range which I have marked in the chart below. The typical stop is a loss of 6,320 but I would use a decisive break of the 200-day MA as a stop.

Blog traffic has doubled over the last three days as 'panic reading' takes hold of the market. Such spikes in readership have in the past acted as good points for a near-term bottom, although today's action does not suggest as such. The S&P and Dow Jones both offered breakdowns from their respective 'bear flags'. The S&P broke from the 'bear flag' and closed just below its 200-day MA. Volume climbed in distribution although there is enough to suggest this could be a support level.

Tuesday's sell-off did much to rattle the confidence of bulls; Thursday's attempt to bid markets back to Tuesday's highs lacked confidence as demonstrated by the relative gain and the lighter volume. Friday is an opportunity to give markets a little boost heading into the Easter weekend.  Futures suggest a positive open so it will be a question as to whether markets can build on it. The S&P is still shaping a 'bear flag' on the bounce off the 200-day MA. While technicals are net bearish they are not oversold.

The Media blamed Facebook for today's woes but really the damage was done in January when Large Cap indices sold off and today was the turn of profit takers to take a shot at those high flying Tech Indices. Markets still are a long way from the oversold conditions of February 2016, November 2011 and October 2008; tracked in the tables at the end of this post. I'll let you know when you get there and you can back up the truck for those long-term investment opportunities when it happens. However, my #sectorbreadth analysis is showing near-term buying opportunities. Of the indices, yesterday's little rally looks to have caught out some over-eager buyers, some of whom may have bailed already. For the Nasdaq and Nasdaq 100 there was a big hit with a wipeout of yesterday's gains but volume didn't rank as distribution despite the extent of losses. Technicals, did however, turn net bearish.