The market gapped lower and failed to hold the 114.30 area where there was prior support/resistance significance as well as the approximate location of the 5 & 10 day MAs.  The market did get a bounce in the area of the December highs at 113, which also happens to be the location of the 20 day MA.  Right now the market gyrations are telling us that risk is being reassessed as earnings of individual companies are coming to the forefront of investors attention.  This choppy action should be interpreted as indecision which can be resolved in either direction but with the primary trend still higher the market should be given the benefit of doubt unless larger levels of support (113 & 112) are broken.

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