Support Breaks

The intermediate term uptrend in the $SPY $XLF and $SMH has been broken and now we need to be more cautious until the markets are able to get back and hold above those levels. The $QQQ is still above its key intermediate term level, but it appears that market is due for at least a time correction after the large gains over the last month. Longer term trends are still higher as evidenced by the rising 20 & 50 day moving averages, for now we will treat this as a pullback/correction within those trends and look for a resumption of strength after selling has subsided and the markets stabilize. This process could take a few days.

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