Markets are set to open a bit lower this AM on the heels of downgrades and ETFC news out after the close on Friday.

Checking the SPX Chart, the 13 day SMA sits at 1505 and about 52 points above Friday's close. One thing I look at is how far stretched prices are from various moving averages and this is pretty streaked. Prior times it was this far away from the 13 SMA was , March 5, June 7, July 31 and August 3. All pretty good times to buy the major indexes if you had a time frame that exceeded a few hours as fear right now is the over riding emotion.