If you thought Thursday and Friday of last week were bad days for the market, well, today was much, much worse.
Breadth fell apart, volume went up, distribution was evident, AAPL failed to hold the 200 day moving average, and commodities were flushed in an attempt to raise cash or something more insidious.
Today’s market action is indicative of a major bear market erupting soon with way oversold conditions continuing begging for a bear market rally any day now.
First the DJIA:
Now the S&P 500:
Lastly, the NASDAQ Composite:
All three charts are horrid, all remind this author of 2008-2009, and worse, there is a greater danger with a currency war, a real war, and economic war coinciding on our shores simultaneously. Once that happens all bets are off. Hopefully everyone is wearing their crash helmets and is prepared to get into the crash position.