Market Update: Consolidation.

1:48 p.m. ET I think I’ve seen enough today to call price action what it is… the consolidation phase (bearishly biased) I said we’d see begin yesterday. Beyond yesterday’s 1-Day Oversold internals, the S&P, Small Caps and the Dow are bouncing off their 50-day SMA’s. SP-500 +0.55%, Dow +0.7% (Transports +0.85%), NASDAQ-100 +0.8%, Small Caps…