THE CLOSE

Another difficult day for the bulls as the DJIA fell 122, NAZ -26 and SPX -19. RUT again the worst of the group as it closed down 1.4%

Some important areas seems to have held on the close such as the 61.8 retracement level on the SPX at 1,450 which also happens to be the lows of last week. CLICK ON THE CHART. On the NDX, the 50% retracement level at 2,024 also held.

Not sure how much longer these support levels hold as Friday's have not been kind to the markets during the past few months.

Market internals - ugly all day on the NYSE/NAZ, and the crummy action in the financials should have hinted to any longer term market watcher that accelerated afternoon selling was in the cards.

We are only 10 off the Monday lows on the SPX, 140 above on the DJIA and about 40 on the NDX. At this point I am not that optimistic that these lows will hold as that 10 year Treasury at 4.16% is giving a sell stocks recession en route hint, (for now).