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Technicals Point to More Downside After S&P Sheds 4.5%s

Friday, August 19, 2011 2:25
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By: John Darsie of T3Live The market was pummeled again Thursday amid fears that the global economy is headed for another painful recession. The Nasdaq led all major indices lower, dropping 5.2%, while the Dow held up best, only down 3.8%. The Europe is the main culprit, and the continent’s sovereign debt crisis still has no end in sight. Japan also significantly lowered GDP forecasts this morning. Investors fled equities and are moving to cash, bonds and gold, which extended to another new high today. Late last week and early this week the market was able to bounce on light volume, but the VXX created a bull flag that forecast a continuation move. Bonds also were telling a bearish story. Technicals at this stage are telling us that significantly lower prices are ahead for the market.

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