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Crude getting closer to key levels on upside, while Tech starts to wane

One hour left to go in the Trading day, Tech remains closer to its lows after reversing course shortly after 1pm and giving back nearly 1.5% in a very quick period of time. Countertrend sells were triggered early on today by both SPX and NASDAQ, but will not be confirmed until todays close.  As was talked about in today's Webinar call,  its difficult to have much of a short bias without the key reversal at the highs which we've been lacking all the way through July until today-  While overbought conditions and Transport weakness were definitely in place to suggest a selloff was near.. it was the act of selling itself which has now brought prices to multi-day lows in the last 2 hours.  If this is not erased by the close, its right to think this minor drawdown from today could extend-  Breadth is showing about a 3/2 ratio of Declining to advancing issues and similar with Volume, not outrageously bearish.  yet, TECHNOLOGY being the key sector that's making the big reversal does seem important, and if it leads other sectors to begin making similar patterns than our first meaningful downturn of the year could be upon us.   Yields and the US Dollar are both higher today, but Tech is the sole sector down more than 1%, while Telecomm is leading all sectors given VZ, T gains.  Energy has snapped back and showing +0.50% gains on the session which is a minor positive given that Crude is up over 49, but overall the move today in Tech and Industrials are what to discuss that are of concern.. and if don't recover by the close, could lead to further weakness to end the month