“You sit on the bulls-eye and I will wrap my neck around yours to keep you there,” one Brontosaurus says to another Brontosaurus.

If you can imagine the Brontosaurus outside the bulls-eye as the indices and the one sitting on the bullseye the Modern Family, you’ll have a pretty good idea of the market battle in play.

Another battle in the market-the S&P 500 is down only 1.6% or so from the all-time high. A significant percentage of individual stocks within the S&P 500 though, have fallen over 10% from their 52-week high.

That puts the weaker breadth of the market sitting on the bulls-eye. The SPY wraps its neck tighter around the weaker stocks, putting them in harm’s way. Can the weaker stocks fight back?

The Modern Family has sat on the bulls-eye ever since Granny Retail (XRT) was begrudgingly placed there following poor holiday sales.

Sure, the Brontosaurus has a reputation as a peaceful dinosaur (not to mention also as one a few leaves short of a tree).

But doesn’t even a simple, mild-mannered vegan dinosaur have teeth?

When one thinks of a bulls-eye, one might conjure up a game of darts- a game where the goal is to hit the bull in the eye.

With the Federal Reserve looking to raise rates, commodities taking a beating while the dollar holds firm, might we say that the indices have thrown a few darts of their own?

Besides Retail (XRT)’s place in the bulls-eye, today she had company.

The Russell 2000 confirmed the warning phase. Transportation entered an unconfirmed one.

So which index might the Brontosaurus outside the bulls-eye be?

The Nasdaq 100 for sure. QQQs barely budged from the highs. Google (GOOGL), Facebook (FB) and Amazon (AMZN) closed green.

For now, the market continues to find optimism in an economy where people use their iPhones to Google what stuff they should buy on Amazon and then find contentment from seeing their purchases tracked on Facebook.

The Modern Family will not find optimism until policies that supportRetail, Transportation (infrastructure) and Small Cap companies are mapped out and on their way to legislature.

Recent findings show that the Brontosaurus lived in a very harsh environment. In fact, scientists now wonder how they could have found enough food to support them all.

Makes you think about a lot of things-commodity prices, the dollar,monetary policy, and obscure economic policies.

If the two Brontosaurus’ are of equal weight, who wins in a zero-sum game?

S&P 500 (SPY) 236.50 pivotal. 237.50 to clear and 235.20 to hold

Russell 2000 (IWM) Confirmed warning phase. Will probably rally tomorrow. Question is-correction over or just relief for oversold conditions?

Dow (DIA) No more runaway gap. Back over 209 good. Below, 208 not so much

Nasdaq (QQQ) Closed green, but under 130 could see weak longs shaken out

KRE (Regional Banks) 57 support to hold and back over 58 better. 56.25 the 50 DMA

SMH (Semiconductors) Unless this clear 77.50, looks toppy especially if fails 76.22

IYT (Transportation) Unconfirmed warning phase-167.15 the 50 DMA

IBB (Biotechnology) Unless it closes back over 300, don’t fall in love

XRT (Retail) Not pretty and not oversold

IYR (Real Estate) 76 some support but broke bear flag.

GLD (Gold Trust) 114 big support

SLV (Silver) Started buying this at 15.75-will need to hold that

USO (US Oil Fund) Another flush. Blow off bottom? No evidence yet except the double-triple the average volume two days in a row

TAN (Solar Energy) 17.75 in focus-then like better over 18.10

TLT (iShares 20+ Year Treasuries) 118 now resistance

UUP (Dollar Bull) 26.42 obstacle-if breaks 26.30 low risk short?