Bulls Feel Winded

The European sovereign debt issues triggered some selling at the open, but the market held up reasonably well.  Breadth managed to improve quite a bit from nearly 4-to-1 negative in the early going and excitement in technology spilled over.  The bears came close to taking out key support at 131 and 130 on the SPY, but went home empty handed.   After 3 down days, the dip-buyers have used up a lot of fire power recently holding the market up.  One scenario may be to rally on new month seasonality into the jobs number on Friday before a bigger retrace can start.