Dow Jones Industrial Average: -81.32 or 0.83% at 9748.55
S&P 500 Index: -10.79 or 1.01% at 1060.87
NASDAQ Composite Index: -14.88 or 0.69% at 2131.42
NYSE Internals: 1070 Advance. 1957 Decline.
This sell off looks more promising than the one we had two weeks ago.
The wave structure also called for a higher high closer to 1100. We hit 1080, and sold off immediately. 1080 wasn't really a major resistance, so the sell off was unexpected. If P2 was about upside surprise... then P3 is all about downside.
Looking at the daily candlestick pattern. It doesn't look pretty for the bulls. Classic shooting star and bearish engulfing. Can't ask for a better bearish pattern than that.
The US Dollar also rebounded back .70 from its lows, which is a pretty big bounce. It was also a broad based sell off, including financials and techs. VIX rebounded as well. Crude Oil got hammered. Gold also sold off.
If this truly is the start of a major sell off, we should see this continue for a few days before any significant bounce. Let's see how the dip buyers pull themselves out of this one. ;-)
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