Charts

Looking at some charts over the last hour and I must say we could be in for a rough ride after today's action. It is entirely possible I could be wrong and we have seen this type of action before but this could be the beginning of a mild sell off. The main number to watch is last week's S&P lows with volume behind it.
If you are long I suggest going flat here to see what shakes.

Dive

This is why I am not forcing anything here. We just meandering in a tight range between 1310 and 1350 but today's action seem to be breaking to the lower end of the range.
Data has been weak actually very weak. Geez they thought housing was going to come back. I said that 3 yrs ago housing is DEAD, no rebound forget a bout it as they would say.
Two hours left in the day watch 1317 area for some support if we get there also I do have a projection from last week of 1295 if we do continue to drive down.

So up yesterday strong and down today strong- SEE SAW action. Stay out

One week later

One week later and the markets are at the same level. Patience here but one thing I will like to note on is the volume. We are going to break one way or the other soon when volume comes in but it is my opinion this break will not be the defining more of the market.
So if we break lower I would be a buyer and if we break higher I would be planning on shorts.

Hopefully we get some action soon