Looks confirmed to me. When my trade was stopped out you can see the cascade that followed. I trade with the big money and they do not like seeing this level breached... Time to get back on the short wagon.
I have had way too much of my $$ in cash recently. Yesterday I took some cash out of Schwab mm fund and bought Tbills.
For anyone not already short, promising entry point right here at about 1415. EDIT: Looking to retest the March low at 1391.25, about 23 points down from here. If that low is taken out, we could be looking at another 100 points down. EDIT: CNBC... "Dow Ends Below 13,000 on Credit Concerns" NEW YORK (Reuters) - U.S. stock indexes ended down sharply on Wednesday, with the Dow closing below 13,000 for the first time since April 24, following more credit jitters after shares of No. 1 mortgage lender Countrywide Financial Corp. <CFC.N> dropped sharply. The sell-off wiped out all of the S&P 500's gains for the year. Countrywide slid on rumors the company has been unable to raise money from the commercial paper market. Countrywide officials were not immediately available to comment. Based on the latest available data, the Dow Jones industrial average <.DJI> dropped 170.14 points, or 1.31 percent, to end unofficially at 12,858.78. The Standard & Poor's 500 Index <.SPX> was down 19.84 points, or 1.39 percent, to finish unofficially at 1,406.70 and now down for the year. The Nasdaq Composite Index <.IXIC> was down 40.29 points, or 1.61 percent, to close unofficially at 2,458.83.
I'm under the impression you are looking at the futures back adjusted chart. cash march low is @30 lower. If i'm mistaken my apologies.
spx for those who haven't noticed, closed below 200-250 day ma. Historically, a battle ensues around these ma s, and price usually conso lidates, 20 points below, major trendy is there too for the whole move up from 2000 decline. the bulls are wounded the players who brought it to the highs are licking their wounds and it takes time to regroup. The keyword is TIME, price is not a consideration anymore. Meaning given the time, price can fall to any level.