Down, but Watch Tech

The overall trend and support levels are still in place but short-term breadth is bearish.

The sectors are mixed, half up, half down. The S&P 500 ($SPY) broke support at $210, but has held.  I am going to watch the $213; a break above that level would be bullish.

Another development has been the move in Tech ($QQQ) with the Nasdaq hovering above support, $108.5, and a possible bullish cup-with-handle forming. Small-Caps continue to show relative strength.

Finally, I am watching the slide in bonds ($TLT) as they remain in a downtrend, with resistance firmly at $123. If bonds really break, below $118 on $TLT, that would put a lot of pressure on the overall market.

Have a good trading day!