Market Indices - R.I.P "The Ripper"

After yesterday's "Rip your face off rally", the market retraced nearly all the gains.

The S&P 500 had a whipsaw day yesterday, but finished with a bang climbing nearly 72 pts in the last hours of trade.  Today retraced nearly 50 of those points.  It's interesting to note that thru this whole bear market any upside action has been capped at 50 on the RSI and the 20 period ema on the short term charts.  Typical bear market action.  Four potential 20 period ema entries (noted at the red arrows above) have occurred so far.

Looking out a little further the S&P has some support at 1050.  The indicators are still heading south.  With all the whipsaw going on the safest course is to see how this shakes out.  Waiting and watching...