Due to the late week sell off that took the markets back below the breakout level of 1850, I just wanted to issue out a very short update.

The combined escalation of a potential conflict in the Ukraine and the rapidly deteriorating economic data coming out of China has weighed on the markets in the past week.  Another concern is the upcoming meeting of the Federal Reserve this week and the potential for further reductions in the ongoing monetary interventions.

However, as I will show in the chart on the next page, the recent sell off has not changed the current trend of the market. However, the deterioration in the technical underpinnings is concerning.

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