The past few days are a great example of why, even if one does not believe in technical analysis, it is foolish not to understand it.  We've had almost perfect bounces off the 200 day exponential moving averages both yesterday and this morning. 

While this is still a 'day trading' type of market, not to be trusted on the long side - just as earlier in the week one wants to take profits on indexes as we approach the 200 day, and then re-engage either on a bounce or a clear breakdown below that level.  That's how I play 'em anyhow.