02.05.10 - Plumbing the Depths?

The S&P 500 is thumping along its first indicated level of floor trader's support near $105.60 even as the Quad Q's are holding their ground at the zero-line. I am showing cumulative tick as positive, but really just going sideways along with price and I am more than a bit concerned with the rising down volume and VIX. Nevertheless, if we can hold within this range, I expect it may bode well for another Magic Monday.  On the other hand, that 200-day ema just a dollar below has to look like an attractive target for short sellers.  I only wonder whether that might not be anticipated in advance, meaning we maybe closer to that zone than a first glance may suggest. [Note: $104.75 EMA objective met -- now what?  Successive support down to $102, bounce back first target $108.20.  That's right, NEVER INVESTMENT ADVICE!  ;-)  ]