Trend down day

Yesterday saw a large sell off in the market which was attributed to the Feds comments on Tuesday. After a trend day you typically see a lower low and lower high the next day which we already have as of this writing. The overnight globex range is just under 15 points which indicates that volume and volatility should continue today. We are now trading back towards the 50 and 55 DMA which a lot of traders watch so we will see how this area trades now that we have technically broken down. The daily CCT registered a minus reading of -15 yesterday which is on the light side for the type of day it was. Therefore, the daily CCT is still overbought in the short term and we may see additional room to the downside with more minus tick if the manipulators do not step in at these levels.