It looked as if DJ30 hit bottom when down 630 points in the last hour as it bounced to -570. The bottom has dropped again and DJ30 dropped 800+. VIX is 21.63, at the session high, but still well off the 26+ hit in March when SP500 dropped 250 points in 3 weeks. Okay, 1/3 of that in one day today is impressive. It also looks as if the market is now, in this last hour, taking everything out and shooting it.
SP500 is thru the 50 day MA (from the open) and thru the March trendline.
DJ30 crashed the 50 day MA big time and is looking at next support near 25,600 to 25,500 (currently 25,684).
NASDAQ is cracking the 200 day MA and has broken the trendline from early 2016. Serious levels for the techs.
SOX approaching the April, February, December lows.
SP500, RUTX diving below the 200 day MA, RUTX at the April peak.
DJ20 transports is through the 200 day MA hard.
Impressive drops as noted and the internals are getting extreme downside.
Few refuges in the day, and in the big picture that is good as it works to clean out the pipes, i.e. bring out all the sellers.
SP500 -91.24, -3.17%
NASDAQ -306.34, -3.95%
DJ30 -792.71, -2.98%
NASDAQ 100 -4.24%
NASDAQ its worst since 6/2016. These kind of sessions do tend to clean out the pipes, and would like to see more downside to open Thursday.
Jon Johnson, Chief Market Strategist
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