Today's Markets

The markets sold off today in reaction to the flu scare. But there is more to the situation than that. Notice how both the IWMs and the SPYs have run into upside technical resistance at previous levels. That is not a good sign for future rallies. Also note both the SPYs and IWMs are forming a consolidation pattern (either a triangle ar a rectangle) and the QQQQs are running into upside resistance from their previous upward sloping trend line.