OK, this is the best I can come up with for now. Weekly chart below seems to have some things that make some sort of sense. It looks like we had a third of a third (Elliott Wave speak for a kick as move south that was expected - I caution you not to run to study EWT as it will cause you more harm than good) that stopped at the weekly 50ma just above it's lower BB at a possible support line I had drawn. RSI14 took out my support line but stopped at the 50 line which should produce some support, but maybe not since all the other indicators here are just getting revved up it looks like. The other important thing is the SPXA50. It loves to bottom in the 100 area and at 138 right now that is pretty oversold, but not bottomed yet. The VIX rumbles over 30 to stop dead nuts on it's 100ma. I thought that spot would end wave 1 (like the major wave 1) and cause a reversal there, and not even be in the picture at this time. I expect the ADX bear cross to stick this time. Bottom line is this puppy is just getting under way. There will be more correctives, but there will also be more moves like this, I promise. Thanks for all the views and comments.
Denninger gets post of the day award -
Props to the mac daddy of mac (Zero Hedge) for this post as well - The Day The Market Almost Died (Courtesy Of High Frequency Trading) Hey TD - get a friggin bigger server, you are not allowed blackouts unless the HFT bots start drawing amps from all corners of NYC to facilitate front running and Ponzi trades. Love ya bro!
Chart may be better viewed HERE.