Nice drop today back to some long term support levels on the weekly charts. Also a big rise in Volatility as well which usually happens as the market bottoms. Making a bottom is a process. I would still like to see the Investors Intelligence Poll having more bears than bulls. This daily chart of the S&P 500 versus the VIX shows how much fear there is now:
On the weekly charts the VIX has hit the top of its channel with RSI measurements seen when bottoms are forming. But the market can go lower if it is particularly uncertain about future earnings.
Here is a four year look at the S&P 500 versus the VIX and the SOX. Note that the 80 week sma acted as support last summer. Will it now?
Watch that II Poll for new numbers every Wednesday:
Market Data 
Markets 
AI
