Today's action wasn't surprising...

Todays action wasn't surprising...

Equities were weak...as I mentioned earlier in the week, there had been some bearish dynamics developing in the market.  This was especially the case with the Technology Sector which had three large distributions over the past month...and in the financial sector which ran into resistance around the March highs.

Now it will be important to see how the SPX will deal with the 2,400 level.  It is oversold, and everyone and their grandmothers will be talking about it on CNBC, so it will probably take a few day to see how it plays out..