We saw another expansion on the new 52-week lows on the NYSE today/wednesday. It is likely to weigh on the market, leading to more downside. The S&P 500 held on to its 50-day moving average (1610), as well as the bottom of its up trendline started in mid-November, today. But other major indexes, such as the NYSE Composite, the DJ Transportation index, and the S&P 400 midcap index, have broken below their respective 50-day moving averages. Although we could get a near term bounce should the Yen stabilize, the awful market breadth in the past two sessions suggests that the intermediate term uptrend started in mid-November could be coming to an end.