06.24.11 – Internals Not Confirming S1 Bounce

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This is the second day in a row internals have not confirmed price rebounds, and here is the result back down to S1, then back off the VWAP, with 200-day support looking more and more tentative.  As BZB trader just pointed out, NYAD is very weak as well.  Note that the 200-day SMA & EMA have now converged at just about $126.50 as an SPY bogey to watch out for even though we look to be holding the a.m. lows for now.