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Originally Posted by coolhand

The bears broke through support today and price closed well under the 50 dma on both charts.




We can also see that price closed off the lows of the day. That may not mean much in the context of a bearish NAAIM reading. Momentum accelerated to the downside. Volume was up. I was asked if a switch has been flipped. I was not ready to embrace that notion the way I did over a year ago, but yields are now

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After Monday's largest one day gain since June to start the month, we've now seen the worst two day stretch for stocks in six months. The Dow spent most of the day in positive territory but succumbed to the selling pressure late to end the day down 121-points. Once again the broader indices saw he larger losses with the Nasdaq and small caps plummeting more than 2%. The Transports actually gained 0.66% on the day, while bonds were down as yields crept up again.

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