We have been cautious the last week as the $IWM (not shown and below 50 DMA of 79.05) and $SMH have underperformed and then broke key support levels. Yesterday the $SPY broke the intermediate term uptrend and short term support, there is potential for support near 134, but purchases should be deferred until the market begins to show signs of stability. Charts below have more details of key levels including Fibonacci retracement levels from the mid-December lows.

click charts to enlarge