On Monday, I wrote the following:
The good news in these charts is we are not seeing a massive sell-off; instead the selling is disciplined and meandering. I believe traders are treating the current economic slowdown with a "wait and see" attitude. However, as the sell-off continues, keep your eye on important technical levels as they might indicate a good shorting opportunity. I would not be long right now.
Given yesterdays price action, I'd keep your eyes open. Below are the longer charts of the major ETFs and crucial, short-term support areas to keep in mind. But remember -- keep an eye on the fundamental situation as well. Yesterday's sell-off was caused by the culmination of several weeks of weakening manufacturing news. Friday's employment report will be key. With all of these charts, I'd be using the 200 day EMA as a price target
