Yesterday's selling continued into today, but there was limited follow through downside in the indices. Selling volume in the S&P was down on yesterday, although there was no clear price support.

The Nasdaq also took a modest decline, but whether it forms a swing low at today's low will not be dependent on any clear available support; a tag of 4,800 would be better.

The Russell 2000 was the only index to post a gain, after a successful test of the 50-day MA. Not surprisingly, there was a sharp gain the relative performance of this index to Tech and Large Caps indices. It's positioned to create a 'bear trap' if it can close above 1,220 tomorrow.

Given today's action, it's nicely set up for the Russell 2000 tomorrow.