In our webinar we discussed that conditions could change quickly if what we viewed as current support gave way.  That’s now becoming a strong possibility.  News in semis, and with respect to mortgage rates and developments in the bond market are weighing down the markets again today.  The S&P and the other major indices holding support here is critical.  If they do not do so than the moving average confluence zone just a little below is the next level of support.  Beyond that lies the 200 SMA in purple.  Revisiting that for a 3rd time would not be the preferred scenario for most of Wall St. but it could happen as we noted only yesterday.  Remember, if we see a “third time down” retest shortly, that will come after what will appear to be ANOTHER LOWER HIGH!  The failure to close above the white 100 SMA yesterday, something we knew we’d need to see for more bullish action to unfold, has likely only brought out more sellers.  We’re scanning for new names in case things start to deteriorate in a big way.