A bad day for earnings, with IBM, United Technologies and apple all disappointing. With indices at highs (or just shy of resistance) it was going to be a day of easy selling.  With technology particularly hard hit, the Nasdaq did well to cling on to its upside breakout, but given Apple's earnings were after hours it's unlikely to be the same story tomorrow.

The Dow was particularly hard hit with its membership of IBM and United Technologies. Given it finished the day smack bang in the middle of its range, it will probably find it hard to attract buyers – value buyers in particular.

The S&P did well do lose less than half-a-percent, and volume just crept above to register as distribution.  Bulls should keep an eye on this for a potential break of 2,135. It's not too far away.

Small Caps had already been feeling the pain for the last few days, so today's selling was nothing new. It did come with a new ‘sell' trigger in Stochastics (momentum) however. It's ‘bull trap' is also looking particularly damaging.  Longs won't be pressured to sell until the rising trendline connecting 2015 swing lows is hit.

For tomorrow, Apple is likely to set the tone. A gap lower would appear likely, the question is whether anyone will be willing to buy such weakness? Given indices are effectively range bound, much as they have been throughout 2015, it's hard to see sideline market lurkers wanting to participate at this stage. Shorts may go fishing, but even they may struggle to build any downward momentum as numerous support levels are on offer.