The SPY is closing in on what should be a decent level of support near 137.00, failure to hold in that area will be reason for concern. The 137.00 level has further significance as it is the location of the rising 5 DMA. Nasdaq is relatively weaker and is back down to the level of prior resistance at 46.00. A little further weakness in the Qs down towards 45.80 would not come as a surprise, but anything deeper than that level would get me more defensive.