Breakdown

Yesterday's last hour saw heavy selling and a -1358 tick towards the close. The technicals are now broken down and if the numbers coming out in the next two days are bad, watch out as things could get really ugly. A culmination of events are going to influence this market in the next two days and it might be a good idea to stay on the sidelines as the swings could be severe in either direction. One of those things is beginning of the month monies, we also have the holiday weekend coming up, and more importantly the job numbers due out today and tomorrow. The market is getting more oversold every day and we will see if we can get a capitulation bottom as things are starting to get overdone. Our daily CCT now stands at -236.