Today's Market

A combination of terrible economic reports and general concern about the length and breadth of the current downturn led to a big tumble today.



Notice the following on the daily chart:

-- Prices opened lower and then continued to drop

-- The 84.50 level offered a ton of support to prices

-- Once prices moved through the 84.50 level in a convincing fashion they tumbled on heavy volume

-- Prices closed at the absolue low on extremely heavy volume



Notice the following on the daily chart:

-- All the SMAs are moving lower

-- The shorter SMAs are below the longer SMAs

-- Prices are now below all the SMAs

BUT

-- Prices are still within the downward sloping price channel

Bottom line: it's a damn ugly market right now.