It going to be pretty hard to find much to say to support the long side argument after today. Right now the only thing I can point to is that we have not violated the bottom of the range, volume has not been overwhelming and our long term momentum remains in the neutral range.
I have to admit the momentum indicators took some serious damage to the budding long side argument that we have been tracking. The fact that our fast momentum took a dive today instead of following through on it bounce yesterday, gives me serious concern. If you are holding for the long argument, tomorrow better at least be a push, if not the reverse of today's action. Otherwise, the January lows will be in play.
Tech was a big disappointment today. Early in the session it was holding up well, even in the green when every thing else was heading down, then it just collapsed as the day went on.
If you are inclined to the short side, now is the time to start making your picks. But I will caution, that we are still range bound until proven otherwise, but the Bears showed some muscle today.
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