The scenario fo a quick drip through support and then bounce in the $XLF seems to be a lost cause for now as weakness has persisted and that group is stuck under prior support of 1280 and the 50 day moving average (not shown on chart) at 12.65.
$SPY is now testing lows from the beginning of the month and the location of the volume weighted average price (VWAP) since the October low. Â Trying to pick a turn point is difficult and most people are best of sidelined if you havent participated in the weakenss.
$QQQ gives us reason for further concern as the important support at 56.00 has been violated as has the 50 day moving average at 56.15. Â The Qs will have to get back above 56 at a minimum before longs can be trusted.
$SMH is testing key support at 3050 with a 50 DMA just below at 30.36