/ES Futures Channel Update

With early weakness this morning, the S&P futures appear to be breaking below the 50% line of the channel we've been highlighting. Prices have churned in a narrow range between the 75% line and 50% line dating back to mid-November. I expect this move to initiate an intermediate decline in the major averages...

Additionally, the Nasdaq was the only index continuing to trade above the 5 day moving average on the 30 day, 30 minute chart. That level acted as support for prices yesterday, but is set to fail this morning as the tech index is once again turned away from the 2200 level...

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