-- Fed Ex reported a terrible quarter.
-- President Bush asked Congress to life the ban on offshore drilling.
-- Morgan Stanley reported a 50% drop in earnings.
-- Regional banks are not looking that good
-- The US and China agreed to negotiate an investment treaty
Let's take a look at the chart to see what they say
The SPYs gapped down at the open and continued to move lower until about 9:30. Then they turned around and rallied until they ran into the 50 minute SMA at 11. The PSYs dropped until a bit after 1PM CST. Then they tried to dally, failed, but rose until about half an hour before the close. They dropped a bit over the last few minutes of trading.
Mostly, notice that prices consolidated today.
The main difference with the QQQQs is they rallied into the 50 minute SMA twice, then broke through to the upside. Aside from that, they consolidated as well.
An awful lot of "ditto" on this chart as well.