The bears have done a lot of damage to the market in the last several weeks, everyone was out there screaming buy buy buy, but we warned of more downwards coming on the market. That is exactly what happened. Yesterday from opening bell there was sell stop program going off one after the other all the way to the closing bell.
Right now the Nasdaq chart (the leader) is down at its 50% retracement level from the last MAJOR UP move which started late 2011.
The nasdaq market breadth chart below, shows we are getting close to the market being in oversold / buy zone territory. It is signaling this down move is now getting long in the tooth! There is a chance we can sell off a bit lower, but it doesn't matter, the breadth is telling us that we should see the start of another rally soon.
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