Struggling to Find Support

We were hoping for a pullback as the markets were extended in the short term and now key levels are being tested. There are no signs of stability yet, but the levels we were watching – $SPY 125 $QQQ 55.60 $XLF 1295 are being probed and we have the rising 5 day moving averages (which often act as support) in these area as well. If the markets are going to break the downtrend lines and horizontal resistance on the charts below to begin a larger bullish move, this is the area we want to see a higher low established.

click charts to enlarge