That trend is reversing itself this week. I added the Fiboinacci fans to get an idea of where the pullbacks stood in relation to Fib analysis. We're at or near the 50% retracement level for all three averages. We're also approaching moving averages. A cross below would add another point to the bearish argument.
Notice a few points about these charts.
1.) The markets have not rallied above resistance.
2.) The SPYs and QQQQs have an increase in volume as prices decline.
3.) A fairly standard bear market pattern has the market making lower lows and lower highs.
