Many markets have broken significant up trend lines and are now in well-defined down channels.
The NASDAQ has broken a long term trend line from 2004 and is in a strong down channel.
The NYSE is still clinging to the bottom support line but it too looks like it’s in a well defined downtrend on the 60 minute chart.
Until the short term downtrends are broken to the upside, there’s no chance that the market can stage any type of a recovery.
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