Well, clearly no bounce. Breadth indicators continue to give neutral readings because THEY keep buying the market back. It’s going to take a wash out capitulation event before there’s any kind of tradeable bottom. In the meantime it’s death by a thousand cuts for longs, not to mention CSCO and PCLN getting hit hard in the AH.
QQQ’s, IWM, and DIA look about the same as the SPY chart below. While the RSI in the 60min time frame has pushed below 30 causing a reaction upward, there is not enough interest in these sectors to push them back above the falling trend lines and until those trend lines are breached, then it isn’t safe to go long.
This is a time for keeping your powder dry and watching from the cheap seats, IMHO.