We have had orderly breaks since the highs for the most part. The ' wait till it gets ugly ' bears have been looking for the makings of a wash-out since we picked up downside momentum. There is no question that all markets including the commodities markets are smelling market confidence burning and the scrambling is noticeable. But all traders will tell you that while you have to me nimble around the downdrafts, at the same time one never knows where a bottom will appear. They are usually at levels lower than everyone thought, but the turn is rapid and steep. Followed by days of churning backfilling.
The bar is set a bit higher today for technicals. The SP500 futures and sept NQ100 futures need closes over 1433 and 1908 to build any solid action.
