Click on charts for larger views.A`gap down on the inflationary CPI data and a wide range distribution day on higher volume with all the major markets closing near their lows. Support doesn't hold and the gap downs will represent resistance if we ever get a rally going. The QQQQ's filled a bullish gap support level dating back to November 2005 and held that support into the close. This took place on extremely high volume. Whether or not the Qs capitulated today will be the focus of tomorrow's action because if they did, we should see a rapid bounce. However, the past week feels like a parabolic dive. We're in a serious corrrection and I suspect the bears will be in control for the balance of the year. The only major tech sector in the green today was hardware. The SOX held bullish gap support dating back to Nov. 2005.
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