Dow Jones Industrial Average: -92.12 or 0.92% at 9949.36
S&P 500 Index: -9.66 or 0.89% at 1081.40
NASDAQ Composite Index: -12.74 or 0.59% at 2150.73
NYSE Internals: 999 Advance. 2038 Decline.
The top may be in today. We made a new high at 1101.36 on the SPX, then sold off pretty hard. About 20 points. Which is about 170 Dow points. VIX also jumped about 10% in less than 1 hour. The sell off was also on incredibly high volume. Much higher than the up move.
The goal was to break 1080. We hit it and closed at 1081. The futures sold off after the close, if its continues, we could see some more downside tomorrow and perhaps a strong break of 1080
All the gaps were filled, and the Daily chart looks complete. The candle stick was a shooting star, which is a bearish reversal signal.
Reversed from the top of the wedge with a topping candle stick:
As I said in the my weekend update: "The VIX also moves against the SPX. It's chart looks very similar to that of the US Dollar. But the pattern isn't quite so complete. Maybe 20 is the magic number there." The VIX hit 20.10 today. Looks like the bottom could be in. The 10% bounce at the end helps the case.
If we can manage to break 1080 tomorrow, it could be safe to say that the top is in.
US Dollar was down, but it closed well off the lows. Crude Oil was up, but it closed well off the highs. Gold also sold off at the end. VIX was up 7% at the close, and up 10% from its lows. Financials led the way down.
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