I just have a few minutes, so we must move rapidly. Unfortunately the intra day did not copy after my latest experiment in getting it to copy clearly. On the daily, the true range was from Friday's close to today's low @3.8 points on the SPY. This large range was accomplished on the same volume as yesterday, again showing minimal resistance to the downward move. This might also be a spring on lower volume. I doubt it, but time will tell.
The hourly pnf shows the breaking of the backbone of the advance which we described yesterday.
The hourly barchart also shows the trendline decisively broken but it also shows we are in a spring position. I expect that this spring like most bear market springs will fail.
The 5 minute point and figure shows shortening if the thrust and possibly a temporary bottom tomorrow. I might not even hold for one day.
