This market looks climatic, here’s why

The decline of the last week and a half continued today as the market sold off steadily all session.

The day started out with a move up that failed at resistance at the declining tops line, and they sold off sharply right into the lunch hour. During the lunch hour and shortly thereafter the market firmed back up but failed at intraday moving average resistance, made lower lows by mid-afternoon and bounced in the last hour, only to pull back again in the last 10 minutes.

Net on the day the Dow was down 36, the S&P 500 7 and change, the Nasdaq 100 more than 18, the SOX was down just 1.74. That was about 3 1/2 points off the session low, but failed to bring Nasdaq back up substantially.