... the S&P 500 moves in a 2.1% range intraday and yet that is an 'inside day' (today's high is below yesterday's, as is the low) versus the previous session!
Looking at the very near term chart, we have some short term ceiling action at S&P 1175, and floor action near S&P 1120 (the latter is the low of three of the past four days, I am excluding the intraday lurch downward post Fed on Tuesday). That's a quite large range.
In the premarket today we were down as low as S&P 1106 but I was not watching tick by tick, so it might have been lower. Either way 1100 is a big round number on the downside to watch if this selloff continues.
What bulls do not want to see is a lot of sideways action as we work off the oversold condition - that is bearish. Just as consolidating sideways after a big move up, is bullish.
At this point the indexes are just too random (read: difficult) for the near term - if you're playing, go find the leaders like Apple, Baidu, Mastercard, and such. I'm looking for things over the 50 day moving average - here is a list of well traded names over $300M which still are over the 50 day simple.
Great examples of strength here...