Tuesday, July 22, 2008
On the Edge of a Cliff
More sellers than buyers in the market today with NYSE breadth negative and the Dow's decliner volume is higher than its advancer volume even though it's slightly in the positive. Notice in the S&P daily chart above that the stochastics are now overbought and starting to cross down.
The market is headed lower to a new low (S&P below 1200).