The larger levels we were watching as potential resistance did in fact prove too difficult for the market to overcome.  Yesterday we noted $SPY 123.50-124 $QQQ 56.00 $XLF 12.80 and those numbers were never exceeded, in fact the high print on the $QQQ was 56.00 .  The Nasdaq is the weaker market today as its larger percentage drop has brought it back below the 5 DMA, whikd the other markets remain above the 5 DMA and give us slight hope that this is a pullback which creates a short term higher low.  The environment is still very tricky and difficult to have conviction in either direction.

click the chart to enlarge