Dow Jones Industrial Average: -41.11 or 0.42% at 9707.44
S&P 500 Index: -10.09 or 0.95% at 1050.78
NASDAQ Composite Index: -23.81 or 1.12% at 2107.61
NYSE Internals: 713 Advance. 2313 Decline.
Market internals are pointing all to the downside. A/D line was bearish, most of the volume was also to the downside. TICK and TRIN are also pointing to more downside.
The bounce off of today's lows is definitely looking corrective right now. A good area for the bounce to test is right around 1057-1061 on the SPX. It lines up with some pretty good support/resistance from previous days. A break of that area will probably mean we try to run towards the mid 1070's again.
For right now, I will label the down move so far as a Minuette wave (1) of Minute [i]. The wave (2) bounce should take us back up to that 1060 resistance zone. After that, wave (3) could take us to the 1018 area. But we're not going much down until we break 1044 on the SPX. After that, we should see a nice sell off.
US Dollar was up over 1% today. Like I posted a few days ago, the Dollar may have bottomed, which means the market may have topped. Crude Oil got hammered once again today due to the strength in the Dollar. Gold was also crushed. Technology and Financials were both also weak, and they have been the leaders of the market lately. So until someone else decides to run with the flag, this thing is headed down.
US Dollar Chart
Some Bearish candlesticks that I was talking about in yesterday's post.
S&P500 Daily
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