The major indices are under a lot of pressure in the premarket and we are pointing to a pretty big gap down open as I type here at 7:45 AM Eastern time. We are also seeing the VIX up well over 5% in the premarket. Overall I think the chart on the SPY still looks constructive, but it will be important for old resistance around the 342-343 area to now act as support if it gets tested. If that gets tested and fails, then we may be looking at a deeper pullback. As we have been saying for weeks, it is critical to keep position size and overall risk small in these choppy markets. Today I will be using the weekly watch list and the watch lists from the last few days to look for opportunities if and only if the SPY finds support at or above the old resistance level.