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Originally Posted by coolhand

Yesterday, I called recent selling pressure consolidation. Today, I'm calling it an attack (by the bears). The action was quite bearish.




That huge gap down is reminiscent of how the big sell-off started back in late February, but this one is more pronounced. Price closed below the 200 dma (support) on both charts. Momentum is falling (quickly). Volume was high (not good).

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It was another mixed day for stocks on Wednesday, which was almost a carbon copy of Tuesday's action -- only large tech stocks seemed to do well, and small caps lagged badly again. The Dow lost 282, making it almost 600 points over the last two days, but given the recent run up, that's not much relatively speaking. The Nasdaq Composite closed above 10,000 for the first time.

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