Things looked ugly at the open with S1 as the starting point. They didn't get any better as the day wore on. In fact, the downward momentum was led by the NAZ and basically followed the same downslope from Friday. Noon brought the technical possibility of a rebound, but that little spurt of low volume buying was met with renewed selling pressure. Now that the Qs have broken down through 50, the next support looks like the 49.30ish area. If that fails to hold, then the August lows are the next target. Since the Fed move failed to generate sustained buying, or even a holding pattern, it's hard to figure what possible factors could lead to a rally at this point in time. Pegging your hopes on a Santa Claus rally or the January Effect is a bit tenuous (and risky). The momentum is clearly down and I would look to set short any rally into expiration.