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The S&P sold off fairly hard. This action has it breaking down out of its short-term trading range. The Nasdaq still remains in a short-term trading range. Longer-term, both of these indices remain range bound. Therefore, once again, be selective, wait for entries, and use stops. Also, remember that it's okay to wait when a market is choppy.
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Dave Landry has been actively trading the markets since the early 90s. He is managing member of Sentive Trading, LLC (est 1995) and author of 3 books of trading including The Layman’s Guide to Trading Stocks. He has made several television appearances, written articles for numerous magazines, He has spoken at trading conferences throughout the world (including Russia, Hong Kong, Australia, Germany, Italy, and others). He has been publishing daily web based commentary on technical trading since 1997. He has a B.S. in Computer Science and an MBA. He was registered Commodity Trading Advisor (CTA) from 1995 to 2009. He is a board member of the American Association of Professional Technical Analysts. Dave can be reached at www.davelandry.com