Last night found resistance at 50% and the broken lower daily...

Last night found resistance at 50% and the broken lower daily trend line as suspected before falling sharply.

US markets have at least several hundred Dow points lower to go IMO.

I look at a number of US stocks and many have serious gaps lower that seem like begging to be filled.

The set up there looks like our momentum setups of days ago.

Our market has broken the up channel from March.

One area of support looks like SPI 6180ish as that is the BB lower line and also 50 day ma.

Of course we have left a gap to yesterdays close that may be filled but SPI 6280ish will be hard to bust IMO.

On a positive note, weekly SPI in April was similar to Aptril '87, and now May RSI is similar to May '87 after being way above.

So we are still following the example and although many cycles are the same as '87 I can't help but feel somewhere it will diverge as it is too obvious.

Either we fall earlier or later or have only a mini panic in Oct, bounce and then collapse when everyone thinks the danger is past.