Mike Santoli's market notes: Tech sellers on rallies, options trade unwind, key area for S&P 500

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This is the daily notebook of Mike Santoli, CNBC's senior markets commentator, with ideas about trends, stocks and market statistics.

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  • Slop and chop in a heavy tape somewhat in the sway of options/futures expiration machinations. Indexes sagging near but not yet to month-to-date lows. Tech still finds sellers on rallies.
  • Bulls looking at the way the S&P has found its footing several times in this 3310-3330 area, also where we closed Aug. 11 at the start of the final wild upside sprint. Bears see busted leadership and a market that, while soft, is not yet broadly oversold. Still well within "normal pullback/correction" mode but tough to handicap the direction of the next 5% even given that.