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Bracing for More Pain Before the Bell, Investors Ignore Futures Signals: StockTwits

Stocks in this article: SPY QQQ DIA QQQ IWM IBB

NEW YORK (TheStreet) -- Buy the dip or cash out? Investors on grappled with that question before the opening bell Friday morning after a sharp selloff in all the major indices that left few stocks unscathed.

$IWM $QQQ $SPY all at bottom of daily BB. In bull markets, this means bounce. In bear markets, you grind down pulling BB down with it -- HCPG (@HCPG) Apr. 10 at 10:40 PM

The futures market pointed to a bounce, albeit a little one. Trading in the Dow  (DIA), S&P 500  (SPY) and Nasdaq  (QQQ) futures all implied a higher open.

FUTURES BE4 BED ... $SPX $SPY -- @WallStJesus (@WallStJesus) Apr. 10 at 10:25 PM

But sentiment called for further declines. Sentiment was majority bearish on the ETFs that tracks the S&P 500 (SPY), Nasdaq (QQQ) and Dow (DIA), according to StockTwits analytics.

"BTD", "BTMFD". So, which dip should be bought? Which pop should be SHORTED? $SPY $QQQ $DIA -- Daniel Marquard (@DanielMarquard) Apr. 10 at 10:28 PM

Surprisingly, sentiment was slightly less pessimistic on the ETF that tracks the Nasdaq, (QQQ), than on the S&P 500.

The Nasdaq saw the greatest losses yesterday among the most watched indices -- even more than the iShares Russell 2000  (IWM) index of small cap stocks. Only the iShares Nasdaq Biotechnology ETF (IBB) took a harder hit.

Some investors said the selloff, particularly in small caps, was overdone.

$IWM they're talking relief rally tomorrow.. -- carol edwards (@Thorgood) Apr. 10 at 05:56 PM

Still, many investors argued that the selloff that turned the Dow and Nasdaq negative for 2014 was a sign of the top for the five-year bull market. They said the charts called for more pain and a deeper correction.

$DIA Never be the last BULL standing! TOP!!!!! SAMBO!!!!! -- Matt Nowicki (@TWTRbull) Apr. 10 at 07:02 PM

At the time of publication the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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