One of the key exchange traded funds to watch today will be KBE which is a proxy for the KBW Banking Index.

The action in the CBOE Volatility Index (VIX) suggests that traders are not overwhelmingly concerned about the precarious state of major indices and that a new possibly severe leg down may be just around the corner.

The pullback channel for Sandisk (SNDK) has stalled, and the two consecutive tiny doji stars on modest volume could be pointing to a re-emergence of the downward pressure which surfaced at the beginning of February.

The Dow Jones Utilities was one of the worst performing indices Tuesday and underlines the fact that even traditional defensive plays are not working in a market which is lacking normal liquidity and the usual participation of institutional fund managers.

Volume characteristics are supportive of a further move up by Human Genome Sciences.

The hourly chart for the XLF sector fund is revealing the fact that there is a reluctance to stridently confront the upper and lower boundaries of the recent range and suggests that a trading range is the presumed outlook for the broad market in coming sessions.

The utilities sector fund XLU has broken below a key moving average level on a pickup in volume over the last two sessions.

The sector chart for financials is the one to have firmly on your screens in the next few sessions as the lack of clarity in the Geithner proposal has room to disappoint further.

The real test for the S&P index would be to see a sharp reversal to the upside, if the 850 level is successfully re-tested in coming sessions.

Quicksilver (ZQK) has a bullish pullback channel and has reached likely support where two moving averages have converged.