Note the key area the S&P 500 (and the other major U.S. indices for that matter snuck to this morning.  It's hold or fold time here if you ask us.  A bounce will become obvious if it happens and at that time we will look to names like Apple (AAPL) and VMware (VMW) on the long side.

If the tape continues to deteriorate throughout the day however we need to see a close below the 50 sma (yellow line) for us to really believe that yesterday's pop above the downtrend line was a fakeout.

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