Please enable javascript in your browser to view this site!

Move to new Multi-day lows looks important as trend broken from late August

Little more than an hour into trading, we've seen a move by many indices and sectors to new multi-day lows-  SP Futures being under 2560 WILL confirm counter-trend sells and break the trend from late August...  Declines are swamping Advancing issues by nearly 5/1 to the downside, a similar ratio to VOLUME.   10 of 11 sectors are down with only Tech holding on just fractionally.  But Industrials, Staples, Financials, Discretionary, Utilities , Telecom, Real estate all down by more than 0.50%.. Far WORSE than any of the good days we've seen over the past few weeks and volume and breadth much more negative than any of the positive days in October.  No real 4 or 5/1 positive days in some time.. And breadth has been slowly trending lower as has been noted.  VIX up 5.5% thus far-  Yields have backed off early highs-  Might be a bit early to say today confirms a peak is in.. Given its early.  But a close here certainly would be a negative. So for the Bears. Important to hold early losses. But momentum clearly starting to rollover as was noted by MACD crossing over to negative a few days ago and Advance/Decline peaking out on the 11th of October while VIX rose for the last 4 of 5 days- Stay tuned