There was a substantial “hey, stocks are cheap!” bounce, but that has absolutely fallen to pieces. More importantly, some important intermediate-term trendlines have failed. Past tense. Failed.
Dow Jones Industrial Average ETF Trust (NYSE:DIA):
The same holds true for the biggest, oldest ETF of them all, S&P 500 (NYSE:SPY):
The breakdown is not universal, however. The Dow Jones Composite, for instance, hasn’t failed its trendline (as of this typing, at least), although the island reversal pattern, tinted below, is an important change.
