The SPX took out the 20 day, 50 day, and 50 week moving averages, leaving none of the more popular MA's as support, as well as breaking the bullish channel/trend line, and the short-term bullish Fib fans, and as bad as that sounds, the Russell even sold-off harder, down 3.82% and has retraced its rally by a whooping 61% as the SPX has only managed to have slightly more then a 38% retracement.
Breadth ended at 3.94:1, decliners on a very impressive 95.23% sell volume day.
The SPX did make a major short-term lower low, and a break below 1058.24 would confirm that the trend is indeed down, and the Trend Finder has three sell signals as of the close, and five buys, leaving that collection of indicators at 25% bullish.
With all the action today, I have a bunch of charts to post over the week-end, most likely on Sunday morning. Next week should be very interesting, if the bulls can not get this reversed first thing Monday, I think we could see major new lows before the weeks end.
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9:06, If this sell-off continues, next support on the Fib fan chart is down around the 1025 level.
8:55, The Trendfinder just got its first sell signal, and if this sell-off continues, I expect to see two more before the EOD.
7:21, The SPX is now in danger of losing the bullish Fib fans, another spike down, and it will be out of the fan, this is the bulls last support on the short-term fans.
7:12, Interesting sell-off, that never did make a new high, although it is very possible to have a truncated 5th, it is still on the early side to declare that a top was put in. Another possibility is that we are still in the 4th wave, but so far the sell-off looks impulsive, and that is not the style of wave that would fit a corrective 4th wave. With today being OPEX, anything is possible, so tighten your seatbelts, because today's ride could get bumpy.