Internals are highly negative and “smoothly” trending, suggesting follow through into the pm session. However, I will grant that we are finding some support just here at the mid-day in the low to mid SPX 1,030s. Next support levels look to be between 1,010 and 1,020. This is the first day since I’ve posted the Intra-day Sentiment indicator that is has been pegged to zero — very bearish indeed. I also note that the intermediate MACD has been rolled over for several days now, and that 52 week new highs – lows has been moving down even in this easy-to-beat period. Meanwhile, this does put us very near official oversold territory, so keep an eye on that tick for confirmation on any sign of a reversal.
