Support becomes Resistance

$SPY found buyers at the 50% retracement on Monday and now the prior support (also level of declining 5 DMA) is holding as resistance. THe SPY will have to clear and hold 131 for a more neutral environment, until then the intermediate term trend is guilty til proven innocent.

$QQQ also finding resistance at prior support and 5 dma, will have to clear 5650.

$IWM – the market did not hold below 8160 for more than 30 minutes and then bounced yesterday. A move below yesterday low looks likely to bring about further selling.

$SMH intermediate term is neutral at best, a break below 3350 would be troublesome.