That was a fun day! The bulls looked like it was going to party but then whammy the market drops. I mention this morning if SPX was to test the 1075 level it would break, how many technical analysis books describe a "triple bottom". It doesn't happen.
The descending triangle broke as did the 20 ema and both were broken easily.
The gap at 1050 still remains unfilled and looks like it could be filled soon with a short-term down trend now established. I am still looking for the major trend change day in the first few day in November, either the new down trend breaks or the up trend since March breaks.
There is a chance of a retracement back up to 1070-1075 or the bottom of the descending triangle, as the market is nearing oversold. The volume ratios are nearing oversold conditions as the down-volume to total is nearing its upper range and up-volume to total is below it's range.
