Tues. 3_06

And so we get our pullback.
Starting with the market leading QQQ landing right on the 20-day Moving Average and not going much further than that

This was the steepest correction we have seen since last year, showing up as a reverse divergence on most momentum indicators.  This particular move is what I've referred to in this blog as the 2c-2d setup.  In the chart below on the right is the higher time frame (reverse divergence) while on the left is the faster time frame where we would wait to enter on the fast line turning green (which it is about to) OR the 3d setup (a pullback of bullish momentum).

To review some other markets and how they fared today:
Copper had another strong selling day, bringing it right into its 50-day Moving Average.  Should it slip further there is some support which coincides with a trend line around the $3.64 area.

Crude oil pulled into its 20-day MA.  Further downside would have support which coincides with the 50-day MA and may set up a buy divergence

The SPY of course fell out of its tight channel and has the 50-day MA below as support which also coincides with trend line support

As far as the IWM goes, depending on how you draw your trend line you can argue that trend line support came into play today and is showing a potential buy divergence

Now, the sector which started its correction two weeks ago appears to be coming into solid support between the $89-90 level.  Should price slip lower from here the $89 support level coincides with its 200-day Moving Average.