Another Down Day 3/9

Not a whole lot happened today. We had a pretty choppy trading day, and ended up closing down about 1%. As I sated in my post last night, I didn't think we'd make much progress today. We are still trapped within our downtrend channel. We tried to make a run earlier in the day but failed at the declining 5 DMA.

S&P 500- (10 Minute)
The Dominant PV relationship today was PDVD, with 1418 issues. We didn't have any convincing selling today, and PDVD is typical of a continuation of a downtrend. It seems that some of the bottoming indicators are nearing levels that we have bounced from, we just need that panic selling to flush out the remaining bulls.

S&P 500- Bottom Watch I will also be keeping an eye on this chart.

QQQQ/SPY Ratio

Technology had been holding up very well but this ratio is very overbought. Some have been saying that the QQQQ's need to test their November low before the rest of the market can turn around. If this is true then we should turn around relativly soon because the Nasdaq 100 is fastly approaching that level.