Video Stock Market Technical Analysis Review 8/15/07

It seemed eerily quiet mid day and I was thinking that might indicate a squeeze was coming. The market rallied for about 20 minutes (in the Qs it made it right up to the recent intraday downtrend line, prior support at 47.00 and the daily pivot) then it sold off hard once again. The S&P 500 joined the Russell 2000 and is now down for the year, a close below 43.16 will put the Qs there as well. The path of least resistance remains lower and it doesn’t look ready to turn anytime soon.