Dow Jones Industrial Average: -249.85 or 2.51% at 9712.73
S&P 500 Index: -29.92 or 2.81% at 1036.19
NASDAQ Composite Index: -52.44 or 2.50% at 2045.11
NYSE Internals: 406 Advance. 2660 Decline.
As I said yesterday, we basically needed to close down for the bearish count to be right... and well, we did close down. A lot.
Looking at the wave count from the high, it looks like Minute wave 1 down could have ended today. Which means, we should get a Minute wave 2 up bounce sometime next week. We may see 1060-1070 again next week before going down again. Of course, this will be only true if we did bottom short term today. Regardless, if we did not put in a bottom today, I think we may do it early Monday before possibly reversing. Where will the low be? I'm guessing somewhere around 1025-1030.
I will post more charts and info in my weekend update. There are a lot of charts to review. But I feel comfortable to say that Primary Wave 2 is most likely over, and we are probably starting another long term downtrend, perhaps a re-test of the November(741)/March(666) lows... or a Primary Wave 3, which will break those lows.
US Dollar was up. Crude Oil was down and Gold was flat. VIX was up nearly 25% This is a sign that fear is coming back into the market. Financials led the way down today, as usual.
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