Market Insider

Markets are in a technical mess

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Stocks limp into Friday technically weakened and vulnerable to more selling.

Stocks sold off Thursday in the worst day of the last year and a half, with the Dow down 358 to 16,990 and the off 43, or 2.1 percent to 2,035. The selling was fueled by global growth concerns and uncertainty about when the Fed will move to raise interest rates.

"It (the S&P 500) just resolved the seven-month range to the low end. The question is now how much downside follow-through do we get," said Scott Redler, partner with T3Live.com. "The next real level doesn't come into play until 1980. That's only about a 7-7.5 percent move from the highs. In the scheme of corrections, that shouldn't be so surprising. We finally did close below the 200-day in the S&P and that was the last index standing, joining the Dow and the Russell."