Key Levels Tested and Breaking

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.  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.  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