Midday 5/17/11

The $SPY broke support and has been attempting to stabilize near the 50 DMA (not shown but currently at 132.47)  Below the 50dma is the 100 DMA which is currently at 131.16.

The $QQQ continues to be weak and is at its 100 DMA (not shown and currently at 57.00)

The $IWM is also trying to stabilize at its 100 DMA, currently at 81.48.

Semiconductors broke the bottom of their range and could be headed for a test of the 35 level which is prior resistance and the approximate location of the 50 DMA.