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Tuesday, August 24, 2010

Tumbling Tuesdays after the close update!!!

Clip courtesy of M33

The Summation Index made a large move down on today's sell-off, increasing the distance from previous bars, another sign this sell-off has some legs to it. When the SI starts to consolidate is when the markets might be in the early stages of a new trend change
. BKX is breaking down and might drop down into the most bearish part of the bearish Fib fan, this has been an awesome chart to have the Fib fans on, as it has really been respecting them over the last few months.

This is the DAX chart I posted from last week when the Fib fan line was taken out, since then it has been all down hill.
After the close, A horrible day for the bulls, and the technicals with lots of damage done, please see down below where a few were posted today during market hours. 1063.91 needs to hold for the bears right now, there should be no reason the SPX enters this 1st wave at this time. The SPX hammered lower today making some impressive lower lows including a major one at 1056.82. There is little in the way of support now for the ride down to the low of 1010.91, and as long as the SPX keeps printing those lower lows, and lower highs, the trend remains down. At this point, I see little good news for the bears except in the chart of Copper, which has not followed in this sell-off, the majority of signs are pointing for continued lower lows.
Breadth for the day eased back from the extreme reading this morning that were approaching 10:1 and closed at a mild 3.14:1 decliners. If this is truly a larger degree 3rd wave down, we need to see breadth and volume continue the increase, if either starts to wane, that will be an early warning sign this sell-off is tired and the larger counts need adjusting.
After Stockcharts gets done updating their daily charts, I will start posting them, I expect there will be a few interesting ones today.

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