Yesterday we updated with this:

If the Wall St. Gang can’t move stocks up on generally good economic news followed by “good” earnings reports, that truly will be news!  Our gut is that they should get spinnable news out of earnings and if they can’t muster a rally off those then it is time to be very careful indeed.  It seems as if bonds and interest rate developments have taken the punch bowl away from equity bulls for the time being…

Those concerns seem to have been justified.  GOOGL is being sold off hard and it is pulling down TECH and other parts of the market with it.  This has resulted in more technical damage being done.  “Great” earnings are being sold into heavily.  This is at least a sign to be cautious and possibly a sign to begin leaning more to the bear side.  “Good News” and earnings aren’t keeping the markets buoyed.  The markets seem set to challenge the 200 SMA.  A scenario we began to become concerned about a week ago.  Stay tuned…