The two market leaders - Trans/R2K, are both holding within their broadly bullish pattern. Yet, with the Dow now having decisively broken all key supports, it would appear it is just a matter of time before the two leaders break, offering a further 4-6% lower.
*we have the FOMC minutes at 2pm. Do not be surprised if the market uses it as an excuse to ramp, on the notion that QE will remain at $85bn until next spring - which I'm guessing is now a given.
Regardless of the rest of today, the damage to the Dow has been done.
I'm actually somewhat bemused how I seem to be the only one who is noting that we have just seen the first lower low on a main index since Oct'2011.
Maybe I'm just not reading around enough?
Miners having problems (as ever)...
The 2008 lows look to be hit..eventually, not least if Gold/Silver continue to broadly decline into 2014. Very heavy trading volume in GDX, although a large part of that is simply due to the lower price.
1.24pm...no doubt a few are concerned of FOMC chatter ramping this market into the close.
Market testing the hourly 10MA, which has largely held as resistance for some weeks.