Nothing too exciting today. We got some early morning weakness that was fully retraced on the SPX, but not on the Nasdaq. The market is still too stretched at this point to make much more on the upside without coming back down. There is a possibility that today was a failed high and we immediately move to new lows. A solid break of the pink support line will be our clue that the bulls have run out of steam. A break of 856.25 (March09 ES) will be our 2nd confirmation. Our final confirmation will be a break of 846. If the market tries to rally here without coming back down it will increase the likelihood that these levels will break at the first hint of weakness. So for now, a measured retreat is best for the bulls.
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