- After a bounce off of the 50 day moving average we dropped right through it. We may bounce temporarily off the 200 day moving average, but now all signs point down.
- RSI has been in a downtrend since May and the market will have to break this downtrend before any sustainable move up will stick.
- We’ve had multiple down volume days indicating the sellers are in control. You can see during the rally off the lows there were many accumulation days that sustained the large move. Now the dynamics of the market has changed in favor of the bears.
