consolidating on the lows

another bloody day on the street. Another round of bad announcements regarding corporate earnings and write-downs force the sellers to step up and hit the bid.

Today's big sell-off brought the major indices back down to the lows of this most recent consolidation. After biding their time over the last week or two the major indices are poised to move lower. With numerous earnings announcements scheduled, the potential catalyst is there. This market needs only a nudge in the right direction for another step down on the charts.

Don't cover those shorts quite yet...

DJIA 12,501.11

NASDAQ 2,417.59

SP500 1,380.95