Mr. Market took the ugly stick out on the bears once again today. Next support for the Nasdaq falls in at 2331.57 after taking out the important 5-year trendline on the Nasdaq monthly chart.

One extreme I take a look at for fun, when we’ve had a number of days down or up, is the distance an index gets from it’s major moving averages. Using the 200 daily moving average, the Nasdaq is 272 points below the moving average. Compare this with the Nasdaq high on October 31, 2007. The extreme hit 294 points between the 200 dma and the high. With options expiration tomorrow, I’m monitoring those bullish ProShares ETFs. QLD, SSO, MVV, UWM, and ROM are a few

Tradermike’s visitor logs are an interesting look at what joesixpack investor is doing in this market.

“Fully a third of the visits were from Google searches that brought people to my list of inverse / bear ETFs. As far as I’m concerned that’s a huge warning sign that things are about to reverse.”

I’d agree with that.

I pulled up a long-term view of the Nasdaq here. The monthly chart shows we’re at a critical supporting trendline from 2002. The market should try to hold here.