Stocks Continue Lower. SPY, QQQ, IWM Close Below Support

At the close yesterday, there was a divergence in breadth. This led to the rally at the open. However, price development suggested it was not strong. That led to the selloff going into the close today. Currently, all of the Indices, except the Industrials are below important support. Based on this and the internal weaknesses, I fully expect to see additional downside tomorrow, unless there is a market participant who steps in trying to stop the slide. What was support is now resistance. If those levels hold tomorrow on any bounce, the Indices are likely transitioning to a greater degree time and price countertrend move.

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