Today's Markets

Big news today. The market's technical position is now terrible. Let's look at the charts.



On the multi-year chart, notice that prices are now below the 2002-2003 lows. That means the entire rally of 2003-2007 is now completely gone.



On the daily chart, notice the following:

-- Prices have moved through lower trend line of the triangle

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are below all the SMAs

It doesn't get more bearish than this.



On the 10 day, 5-minute chart, notice the market has lost 20% over the last 10 days.



On the two day chart, notice that volume increased as the session wore on. And volume increased to big levels at the close.

Bottom line: There is nothing good on these charts; all of the technical signs are bad.