Stocks have continued to press lower, breaking several key levels. After breaking 4580, we made a brief attempt at a pivot back through the vacuum zone to test 4632, but that fizzled quickly. Subsequently, we plummeted back to lower levels, breaking 4545 and finally finding support at 4521. A green triangle on the KRI is confirming support at this level. The Kovach OBV is still abysmally bearish, arching straight down, with not the slightest sign of leveling off to suggest a bottom forming. However, at this point we are quite oversold and due for a relief rally, even if its just technically driven. If so, watch for a breakout from 4580 into the vacuum zone again, with 4632 being a potential target. If the rout continues, then 4504 and 4487 are the next targets to the downside.
Comment:
Good thing we are short of stocks, what an epic dump today!! We smashed through all support levels from below, giving up the 4500's entirely. Definitely accumulating a position here. Stay tuned for more analysis tomorrow morning!
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