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Markets are technical mess

Stocks limp into Friday technically weakened and vulnerable to more selling.

Stocks sold off Thursday in the worst day of the last year and a half, with the Dow down 358 to 16,990 and the S&P 500 off 43, or 2.1 percent to 2,035. The selling was fueled by global growth concerns and uncertainty about when the Fed will move to raise interest rates.

"It (the S&P 500) just resolved the seven-month range to the low end. The question is now how much downside follow-through do we get," said Scott Redler, partner with "The next real level doesn't come into play until 1980. That's only about a 7-7.5 percent move from the highs. In the scheme of corrections, that shouldn't be so surprising. We finally did close below the 200-day in the S&P and that was the last index standing, joining the Dow and the Russell."

In the bond market, the 10-year yield was also below its 200-day moving average after falling through 2.137 percent Thursday. The yield was at 2.06 percent in late trading.

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