Break On Through

We chased our pleasures here
Dug our treasures there
--The Doors

Bulls were hoping that their mid-week defense of the 200 day moving averages would be enough to discourage the bears. However, it wasn't to be as Friday's melt easily pierced the 200 days on both the S&P 500 (SPX) and the Nasdaq Composite (COMP).

A zone of support rests below--roughly between 2600 and 2700 SPX and 6900-7300 COMP. With technical oscillators also creeping into oversold territory, a bounce around here would not be surprising.

If the major indexes cannot regain their footing in this area, then the December lows beckon.