The first chart is the NASDAQ daily which has lots of technical info. Click on the chart to enlarge the view.

Basically, we gapped lower on the open and tried to recover the 200 MA in the early part of the session. This was followed by a swoon back down and a second lower high in early afternoon, after which the bears took over in earnest. We closed at the session lows in line with a significant PP which was in play on and off from Nov. 06 - Mar 07.

We have retraced more than 62% of the March - July rally and will, no doubt, retrace 100%. However, the lower low creates a new trendline (black line) and we are getting quite extended from that trendline and the lower MAs. So technically we should get some relief either through consolidation, or a bounce towards the trendline.

Below are two watch list stocks, and the point I want to make here is that most of my watch list stocks look like MDR, basing at or near a significant PP and could break down anytime. The last chart is AMLN which I highlighted last night.