The ES lost 40 full handles on the day, breaking below key support at the 1100 area. Note that the MACD is again rolling over after never being able to break above the zero line.
Below is a weekly chart of the ES with Fibs showing the importance of the 1125 area. Next support in this time frame is 1018.
The NQ futures decisively broke down out of the regression channel. This is not a new low on the move and a crack of the August lows will likely get downside momentum rolling.
Multi sector daily chart:
The put/call ratio is elevated but did not record a super-climatic reading of 1.30+
Our 10-day NYSE Trin is flashing an extremely oversold reading of 2.16. The only concellation for the bulls might be that the last time the Trin was this oversold it did produce a strong bounce in the SP.
The XAU was the best performing sector and did not undercut Friday’s low.
The SOX broke back down to the low of the trend channel. The close was just a hair above the prior low.
The OSX was much weaker than the broad market. Price is below the 0/8 Gann level with next support at the -1/8 level of 172.
After breaking down out of the rising wedge the BTK is at critical support. The August low is the last line of defense before the 0/8 level comes into play.
The BKX broke to a new low on the move. Next support is 31.25.
The XAL airline index crashed 10% and will bearishly frame shift.
Oil is hovering just above critical support:
Gold attracted money and was “short-term parking” today.