Ooooops

That RSI overbought signal flashed yesterday turned out to be correct and it looks like down is the direction de jour at these levels. Volume picked up out of the open and while the 3/7 DSMA crossover has not turned down yet, we may get that Thursday. If the downturn continues, 47.5 is the next major support.

Concerns about the depth of the world financial crisis are supposedly fueling this latest turnaround, but really, it's any body's guess. Among the indexes. the Qs are continuing to display resilience and Adam has some interesting thoughts on the relative strength of the NAZ today.

The VIX had another 8% range day, finishing midway between the 10 and 20 DSMA's, while still riding the MACD zero line.

Caution is advised at this level.