The short term indicators are getting stretched to the downside, and the other narrower indices are approaching their own support levels.
Perhaps a techinical bounce at some point, but no higher than overhead resistance. A stairstep decline such as this can be quite damaging, and often will continue until it finds strong support, a footing and a V bottom. It may require a plunge, otherwise it just keeps bleeding.
The SP 500 seems likely to test the prior low at 741. We may get a legitimate double bottom. The overhead resistance will cap any purely technical bounces. That is how we will tell them apart.
The McClellan Oscillator is getting overextended to the downside.
This has 'plunge to a bottom' written on it. But we might just continue to slowly bleed.
Spiritual pride leads to a lingering spiritual death. It turns the living being into a tomb, bright and polished on the outside, proudly ornamented with scrupulous attention to detail, and ostentatious adherence to the letter of the law — but inside full of corruption, and festering foulness. They love the rituals and the worldly forms of religion, but want nothing to do with mercy and love. It is a sickening romance with the self, unto death.
Jesse, Essere Umano, 20 August 2017