Today's Markets

All the markets had a late day surge today which helped to limit the damage. Notice the zig-zagging patter of today's trade, which indicates a clear lack of direction.







However -- that's not what's important right now. The daily charts all show indexes that have sustained pretty heavy technical damage.



On the SPYs, notice

-- The heavy selling over the last two days

-- the gap down on Friday

-- The fact that prices are near some of the lowest levels over the last three months.

-- Prices are below all the SMAs



On the QQQQs notice:

-- Prices broke the two month uptrend on Friday

-- Prices gapped down and continued lower

-- Prices are below the 200 day SMA on heavy volume



The IWMs are

-- Below their 200 day SMA

-- Are at their lowest point of the last 6 months

-- Gapped down on heavy volume

None of these daily charts bodes well for the future.