Unfortunately in the modern market sometimes it's "stairs up elevator down." The market has been in a methodical melt-up for most of the year but just like that yesterday several days of constructive price action were erased. Yesterday we got the biggest sell-off in the market since last November amid macro concerns surrounding Italian elections and increasing jitters over the March 1 sequester deadline. Futures are up slightly this morning so traders will be using yesterday's low as their short-term point of reference. Last Wednesday IBD put out its warning signal by putting their Big Picture in “rally under ...