Dow, daily
Summary
A brief review on the Dow.
Considering the state of the R2K, sp'500... the Dow looks set to lose the 50 day MA..and slip to the 200 day MA... some 400pts lower.... that'd equate to another 2.5% off the sp'.......roughly 1920/10.... very close to the early August low.
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As for the immediate term.. there remains possibility of a bounce to sp'1982/84, but...as we've already seen, there is some strong sell side today.
With the technical breaks...the bounces are to be treated as such.
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Overall, a huge day...with major implications for the weeks ahead...
1.10pm.. another attempt to bounce.... best case upside remains 1982/84... I suppose it could drag into early tomorrow.... but regardless... we look broadly headed lower.
VIX high so far today... 16.69... very impressive.
1.16pm mini snap to the upside....imminent...
15min cycle....
Bears...beware!