markets 2/17/09

As I just returned from vacation to find my computer infected with a virus, please excuse the change in format.  On the daily chart the long expected breakdown occurred today. Note the failure of demand and follow through on 2/9 and 2/13.  Today we had a large volume breakdown with a low end close.  On the intra day please note the very heavy selling into the close and the failed rally attempt which preceded it.  This was serious and determined selling.  Finally the point and figure shows clearly the breakdown from a long trading range. A minimum count along the 84 line calls for a low of 73 to 70, but I really  not know how to count this properly. All indications then are for a test and possible break of November's low.(click on images for a larger view