The S&P ($SPY, $SPX) broke yesterday’s lows today, but closed pennies above that level. The $QQQ and $NDX pretty much landed right on their respective 200 day simple moving averages today.
The short term future of the tape will depend on the outcome of the AAPL report tomorrow after the close. A good earnings report, and these levels should rebound from the edge of the Apocalypse. A bad number from AAPL, and the market will have the negative catalyst it needs to break and go lower.
The $QQQ is sitting and waiting for $AAPL at the 200 day moving average.
The $SPX is looking for a reason to go down and tag 1375-1380, maybe AAPL can save the day.
A miss by $AAPL and there is a good shot the 570-580 level gets tested.
