This weekend's action addressed one element of systemic risk, not global macro risk. Of course one may affect the other over time. Meanwhile, take a look at the Semi's below (NYSE: SMH [1]) -- apparently no one told them about the (now fading) party. Adjusted Tick is going negative and the AD line has been heading south all morning. I'll be looking for support between (NYSE: SPY [2]) $124.80 and $125.50, but these elements need to turn around.
[3]
(NYSE: DBC [4]) = Commodities; (NYSE: XLF [5]) = Financials; (NYSE: SMH [6]) = Semiconductors
o Quantifiable Edges - Massive Gaps [7]
o Quantifiable Edges - More on Massive Gaps [8]
Unfortunately these studies did not distinguish bull and bear market periods.
www.marketrewind.blogspot.com [9]