SPX, INDU, COMPQ: The Bad News Bears

Since last update, SPX made a slight new low, while COMPQ and INDU retested their lows.  Before we look at those charts, though, here's a "let's keep it simple" chart.  SPX is currently in a crash channel:

COMPQ tested, but is still holding above, its first key overlap:

And INDU is probably the clearest indicator that the current drop is only 3 waves down (so far):

Probably the most noteworthy thing to come out of all of this is that while SPX made a new low, it appears to have done so in only three waves (coming down from Tuesday's 5865 high).  This implies that in the event it bounces directly (first target 5875-5904), then that will leave a b-wave low that would need to be resolved with another new low.  If it doesn't bounce directly, then it's likely going to need to run south of 5600 in order to create the requisite 5-waves down from 5865.

In other words, it appears more likely than not that bears still have the ball for now, one way or the other -- though a b-wave low and bounce would give bulls a short-term reprieve.  Trade safe.