Today the markets were crushed again, the SPDR S&P 500 ETF (NYSE:SPY) falling from a close yesterday of $125.49 to $123.53. This epic fall came on the back of continued worry about Italy, Spain and fear of a new possible deep recession in the United States. Volume was huge on the flush that took the markets into the 10:30am ET time frame. Then, all of a sudden things turned.

Even though the market gave up a lot of the early gains that came on low participation from investors we are raising the support/resistance levels on the DJIA (DIA) (12,480/12,570) and S&P 500 (SPY) (1,316/1,331)...The support/resistance levels on the Nasdaq Composite (QQQ) (2,782/2,799) is the same...The Semiconductor Index (SOX) underperformed the indexes and was down 0.3%-the Semi ETF SMH was d

The Semiconductor Index (SOX) fared the worst in today's session with a decline of 2.9% and the Semiconductor Holders (SMH) ETF was down 3.1% on heavy volume-the SOX and SMH gapped down and have gaps between 402.66/405.48 and $33.64/$34.03, respectively-we are keeping our eyes on these levels as gap usually get filled in the near term...We are lowering the support/resistance levels on the DJIA (DI

We are lowering the support/resistance levels on the DJIA (DIA) (12,480/12,570), S&P 500 (SPY) (1,316/1,331), and Nasdaq Composite (QQQ) (2,800/2,815)...The S&P 500 slightly went below its 50-day moving average of 1,316.44 to 1,316.42 and closed above it at 1,319.49...The DJIA and Nasdaq Composite are 130 and 40 points above their respective 50 day moving averages...The selloff was not unexpected