Yesterday’s stronger than expected ADP data and the Fitch downgrade did a number on stocks, with several indicators officially turning bearish for the first time in months. But, AAPL and AMZN, which make up over 10% of the S&P 500, haven’t reported yet. So, it might be a little early for bears to get excited.

We charted AMZN last week [see: Amazon – Can It Keep Delivering?] noting that it had reached important resistance and was overdue for a reversal. It tested important support at its 50-day moving average yesterday which, if broken, could easily usher in another 10%+ to the downside.

continued for members…

We also get June durable goods and services PMI at 10am ET.  Note that factory orders are already on the bubble.

The big picture…