So we did see the compression wedges break and resolve to the downside testing the LOWS of the KEY REVERSAL DAY at 1363.81 as well as the High Volume Low on Nasdaq Wednesday at 2961.77. Now we are into those lows on MUCH LIGHTER VOLUME at this point in the session. So we either need to see some additional PRICE SEPARATION here and/or STRONGER VOLUME. Now we did overrun support here on the Nasdaq, so even with the light volume it still looks weak.
Here's From today's SOX...
This SOX should bounce now off a test of this 418.52, but if it doesn't and something deeper in the way of a market-structure retracement is in the cards, then we'll look for SOX to make a very deep dive and ignore any bearish signals that don't break 409.
For me "break" means close under in this case. today's low 408.81 down 11+, 409.09 now.
