Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Key Support Being Tested

|Includes: HYG, IWM, JNK, RWM, SDS, SPDR S&P 500 Trust ETF (SPY), SSO

Key support is being tested across major U.S. indexes.

The S&P (NYSEARCA:SPY) is flirting once again with a supporting trend line from the 2009 lows. The line has been briefly broken at times, so I would want to see a solid break over multiple weeks before being fully convinced that the uptrend is broken.

Small caps (NYSEARCA:IWM) have significantly underperformed the broader market of late. It broke under a smaller rising wedge last month, and is now hitting a support line that dates back to the 2009 lows.

Perhaps the most interesting evidence of market support is the resilience that junk bonds (NYSEARCA:JNK) continue to evidence.

Disclosure: I am short IWM.

Additional disclosure: I am also long RWM calls.