For the most part, today’s trading was a day of rotation. While it was a fairly large range rotation, they were unable to breakout with strength in either direction. The intermarket divergences still exist and while breadth increased slightly today, volume is still extremely low. The Briefing outlines an important support area for the SPY that if traded through could open the door to another let lower. The QQQ’s have already traded through that area and are showing more weakness than the other Indices.