QQQQ.

Just taking a look at the Q's. I see a couple things going on here. S1 was breached very early on as the market moved quickly downward. VWAP appeared to be resistance throughout the day. VWAP also was a great bulltrap. It appeared to have caught quite a few people trying to push back to the upside. S2 was the primary level of support at around 33 dollars.

If S2 ($33.00) cannot hold tomrrow morning, I see 31.75 as probably the next test. If this downtrend is going to continue, I would like to see a violent greedy move to the upside (profit a little, set up some shorts) .

All in all, a fairly boring trading day.

We have seen a few days of serious downside movement. I am going to be extremely defensive with my trades.

R