We finally have a change of character in the market, much to the excitement of bears. Last update noted some key levels, both of which proved to be valuable. The first tell was INDU, which was rejected right at its key bull/bear line:
SPX then acted as confirmation. When it violated its key downside level, its first target zone was reached easily during yesterday's session (I've since moved the "Bear 3/C" label):
In conclusion, we should expect further downside for the immediate future (first targets as noted above), and will be watching carefully to see if this decline develops into a larger impulse wave, or remains corrective. Trade safe.
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