As we mentioned in yesterday’s MMB, market internals were not agreeing with the most recent push up, and in the final thirty minutes of Wednesday’s trading session, the bottom fell out. Both the SPY and QQQ rolled hard into the close, giving up key support areas en route to putting in bearish candles. As of 5:00 AM eastern, futures were pointing to a continued move lower into Thursday’s open. Thursday’s session, and specifically a breakout or breakdown of the the sixty minute opening range will be very important. The key now is whether or not the major indexes’ 50 day SMAs come into play over the next 2-3 sessions. As always, wait for confirmation on any moves, and protect your capital.