Mid-Session Market Comment 03-25-14

Major U.S. market indices soared this morning and have been dropping since. They are now trading mixed with the Nasdaq Composite and  Russel 2000 down and the Dow and S&P 500 slightly up.  European stock markets rose across the board is positive to U.S. stocks. Consumer confidence index better than expected also helped. However rising market attracted selling and has led to rapid retracement. Previous high flying stock sectors such biotech IBB, Internet FDN, social media SOCL and solar energy TAN are all targets for selling. Technically, major market indices fell over the past two trading day and are forming topping patterns. Both the Nasdaq and S & P 500 were able to hold supports in yesterday's trading, these supports are 4220 and 1850 respectively. These levels  are going to be the levels of contention between bulls and bears today. If these two levels are violated to the downside, more serious market down turn will be likely. Based on  recent weak market performance there's a good chance this will happen. S & P 500 support is 1850 and 1832.