Market Thought... China and the Fed

The market was crappy pretty much all day, but it really started to kick downward after the Fed minutes were released.

Looks like China may have led the US.

I would like to think the SP500 sees a healthy 3% (or so) pull back toward 1450-1460 area, but I am not convinced that will happen just yet.

Taking a cue from market leaders, despite today's decline, they are structurally sound from their high-momentum short-term SMAs. I'm looking for the stocks to start cracking the SMAs to see a real pull back. GOOG, GS and VLO are examples.