Dow Jones Industrial Average: -104.14 or 1.00% at 10285.97
S&P 500 Index: -11.31 or 1.03% at 1091.94
NASDAQ Composite Index: -16.62 or 0.76% at 2172.99
NYSE Internals: 921 Advance. 2076 Decline.
US Dollar: +0.47(0.62%) at 76.250 | Crude Oil: -1.32(1.79%) at 72.61
Gold: -33.10(2.84%) at 1130.9 | VIX: +1.59(7.19%) at 23.69
Broke below 1100 today. As I suggested yesterday, there was a big move coming. Looks like for now, the market has chosen the downside. The market opened up pretty bearish, then tried to rally, but sold off again as it approached that 1100 level. We seemed to stall at 1090 as well.
SPX Daily Chart:
If we break below 1083 on the SPX, we may be headed down a bit further to test 1060. Breaking back above 1100 and 1108 could send us back to test the highs. No major damage was done today, as we are still in that same range we have been in for a while now. 1090-1110 on a closing basis. We have broken those numbers intra-day, but haven't really closed too far out of that range.
SPX 5 Minute Chart:
For now, I am going to stick with the bearish count. I think we will make a lower low tomorrow in the lower 1080's. I think 1083 may hold for now. After hitting the lower 1080 range, I think we are going to bounce back up toward the mid-1090's for a wave iv. But of course, seeing the power of wave iii's, we could break 1083 tomorrow and continue downward. But for now, I think it will hold. There is still a lot of bullishness out there, and there was no heavy damage to market breadth today.
Let's see what happens. :)
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