The orderly demine of the US equity markets continued on very high volume and bad breadth.
Because of the extreme downward momentum of today, I am labelling the decline of yesterday as part of a minor degree 3rd wave.
Remember this is S&P futures and, sometimes, quick bounces or drops of the future market does not make it to the cash market.
Despite undercutting the November lows, VIX does not make it out of its range.
Some may argue that today was the selling climax we needed. But why the complacency? Some of the worst bear declines happen while technicals are oversold.
My own pivots down are
these are numbers that I calculate running some algorithms.
to keep things in perspective, let's first look at this weekly chart of S&P
Next, let's look at this 20-year chart of the DOW. I would not show this to my child. Extreme depths of momentum, extrem peaks of volume, and at the verge of the technical abyss.