We obviously need to start with Apple (AAPL) since it will be one of the reasons for the moves in the market on Thursday. It will make for the first big test for the market on Thursday.
The shorter-term chart shows a distinct downtrend since early November. During the rally off the lows Apple has not been able to cross the downtrend. Now it is going to retest the recent low. Many will say if it breaks $147 (the December 24 low) it is negative. I would say use the mid-$140s as an area. Obviously if it gaps under there and continues to slide it's a big problem.
If we look at a longer-term chart of Apple we see there is an entire support area all the way down to $140-ish. But more so, if tops are to be somewhat symmetrical then you'd expect a rally off that $140 area to form the other side of the top, wouldn't you? (The left side of the top is the period from November 2017 to the spring of 2018, then the rally to the high and now we should do some work on the right side of the high).
The other chart that needs to be watched is that of Dollar/Yen. It has collapsed in the last few trading days with Wednesday seeing a massive move, something that does not happen in currency land very often, especially when one of them is not an emerging market currency.
For now USDJPY has bounced off the spring low but moves like this are rarely without other repercussions elsewhere when it comes to global markets.
Aside from that the market's breadth has been green for five straight days, something it hasn't done since early September so it wouldn't be a surprise to see a red day show up. But the fact that breadth has been so strong and the McClellan Summation Index has barely notched up is another reason I am in the "retest" camp.
Finally, let's talk about sentiment. The Investors Intelligence bears now number more than the bulls, something that hasn't happened in two years. In fact, the ratio of bulls to bears rarely falls under 1. It has done so 11 times since 2001. I have noted all those times on the chart.
Here's what's interesting. In every single instance the S&P was higher one week later. Nine times it was higher a month later as well. The two times it wasn't higher a month later? July of 2008 and October of 2008. That's the cluster of points D and E on the chart.
One last word on this. I have left point A off the chart of the S&P because that reading arrived just after 9/11 when the market was closed for the week so the weekly plots of the S&P don't show the rally due to the day of the week it gets posted.