We aren't quite near the mid-point of the session yet but I still thought a check-up was in order for two reasons. The first is that I have been away from the market for the last couple of sessions so I am playing catch up. The second is that the Dow Jones Industrial Average (DJIA) is down over 400 points.

A quick glance to the intraday chart shows how the day has played out. The early weakness in stock futures translated into an opening dive which has been followed by steady selling pressure. A look to the sector graph shows that selling pressure is fairly widespread.

The iShares Treasury Bond (TLT) is showing a gain while the rest of the pack is lower with losses starting near 4%. The Broker/Dealer Index (XBD), Oil Service HOLDRS (OIH), PowerShares Clean Energy ETF (PBW), Amex Gold Bugs Index (HUI) and Natural Gas Index (XNG) are the weakest areas.

Chart Courtesy of Thomson Financial

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When I left the action on Tuesday I was discussing the quick run that had pushed the broad market indices into the former support zone, which now becomes resistance. A look to the charts below shows today's selling comes as the S&P 500 (SPX), Nasdaq Composite (COMP), and Russell 2000 (RUT) are in the middle of that congestion. The Dow Jones Industrial Average (DJIA) had already succeeded in penetrating that zone so we can now view that as support. As discussed on Tuesday, I think it would be good for the market to show some signs of stability after the rally. What we have to watch here is how far today's selling goes. As it stands now, this is still a fairly mild rejection at resistance.

Charts Courtesy of Thomson Financial