Both the S&P and Nasdaq find themselves at important levels today as they test their respective MA(20)s. The importance of MA(20) for S&P can be seen in the chart below. Since this rally started in September, this level has provided constant support and has breached only once.
Its pretty much the same story for Nasdaq except for one little fact. Its already below the MA(20) as I like this.
Personally, I am all in cash here, enjoying the action from the sidelines but all ready to take sides with whoever wins the fight here, the bulls or the bears.
Take care and good luck!