All those bottom callers got an ugly dose of reality today, as they now have to question themselves as to whether this market is really capable of hanging on to the recent lows. There are still a lot of unsettled nerves out there, and investors continue to seize rallies as opporutnities to sell into strength. Confidence in this market continues to be the issue, and after today’s rally, it appears as if the market is looking at taking another leg down.
Support levels are holding on by a hair, and a sell-off of any type will break key support levels and send this market lower.
Here’s the Nasdaq and S&P charts…
