SHORT TERM: unbalanced markets continue, DOW -1033
Overnight the Asian markets gained 0.8%. Europe opened lower and lost 2.0%. US index futures were down big early, then recovered to about flat at the open. The SPX opened at 2685, three points above yesterday’s close, then immediately headed lower. At 8:30 weekly jobless claims were reported lower. By 11:30 the market had dropped to SPX 2641, rallied to 2660 by noon, then dropped to 2616 by 1pm. That is nearly 3% decline on absolutely no news, or even rumors. Then after a rally to SPX 2651 by 1:30the market dropped into the close. Ending the day at SPX 2581.
For the day the SPX/DOW lost 3.95%, and the NDX/NAZ lost 4.05%. Bonds gained 4 ticks, Crude fell $1.45, Gold added $2, and the USD was higher. Medium term support drops to the 2575 and 2525 pivots, with resistance at the 2594 and 2632 pivots.
After nine months of an uptrending market, with the SPX climbing from 2329 – 2873, 23%. A late January pullback turned into an avalanche of selling, when the market dropped more than it had at any time during 2017. What followed was an unbalanced market being fed by its own volatility. Thus far the market had dropped 9.7% in just 7 trading days. Rebounded back nearly 50% of that decline in just two days. And now is heading back down and making lower lows:  2593-2728-2581 so far. Until this market gets some stability the trend remains extremely volatile and down. Short term momentum ended the day with a positive divergence. Best to your trading!
MEDIUM TERM: downtrend
LONG TERM: uptrend