Today, the US market had follow-through from yersterday' sell-off. The support of 2120 for Nasadq and 1057 for $SPX were broken below with high volume. $SPX found support at 1047 and bounced off a little bit from there. The market may bounce tomorrow. Nasdaq may test resistance at 2120 and $SPX may test resistance at 1057-1062. The key is to watch how they react to those resistance if they get there. The full STO of daily $VIX had a new short term buy signal, which is bearish to the stock market.XLF, FAS closed right at 20MA/20EMA. Its full STO just came out from overbaught area, signaling possible more downside movement ahead although they may have temperary bounce.
SMH has been weaker than the overall market recently. It closed right at 20MA/20EMA. Today and yersterday' selloff came with high volume. Breaking below 20MA/20EMA, which bring SMH to test $24.
ADBE closed right at its intermediate up trend line which started from the early 3/09. Break below this line, that would be very bearish.
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