* BullsPower at 9, BearsPower at 32. Bears assert themselves even more and we have to see if and when bulls can fight back.
* 130 stocks with upward MoM (green dashed line). Probably going for its next <100 low.
* Market drops below the Watershed envelope. Acutely bearish. And a test of the weekly Watershed (wW) near 4180 is now becoming a very realistic possibility.
* ELC is gathering more downward traction. BUD is weakening as well. Nothing to smile about if you were bullish.
* Both red and green component are in decline.
* Bands are dropping and the lower boundary is at 4272, so there is further room to fall.
* Daily MoM keeps going down. No signs of a bottom.
* New 3 month lows. The August low didn't put up much of a fight.
* The 4325 level was the August 2022 top and has offered support several times since it was overcome in June. I would expect some buyers to show up here, but if that doesn't happen it could get ugly fast. 4250, where the lower red trendline comes in, would then become the next port of call.
* Ice in the water can appear for just one day, as was the case at the March low, but it can also stretch out over longer periods. Very sharp rebound rally days can happen in those conditions, but such spectacular one day gains do not necessarily hold up long (bull traps).