The hourly chart of the Dow shows most indicators in oversold areas (bottom of chart). The green line is still moving down which is the primary indicator. I believe we "MAY" see some strength here with two events occurring. The first is we see a -300 reading on the tick data (blue line below price on the hourly chart). Second we see the money flow picking up on the daily chart. This could support price in the near term. However, if we continue to see the rest of the global markets selling off ... then all bets are off ... this could cause a major liquidity drain from the large institution traders.
Note the money flow on the daily chart is moving back up ... this only means that its moving back up ... price will still need to follow ... it doesn't always work out that way. Be warned! Today we saw a 93% down day with the NYSE and a outflow of cash on the broader markets of $1.25 billion. Volume looks to be heading lower just like last August 2008 (just a side note).
This was the reason for today's decline. The dollar!
ZSL is heading higher if the dollar moves higher.
The hourly chart of the Dow shows most indicators in oversold areas (bottom of chart). The green line is still moving down which is the primary indicator. I believe we "MAY" see some strength here with two events occurring. The first is we see a -300 reading on the tick data (blue line below price on the hourly chart). Second we see the money flow picking up on the daily chart. This could support price in the near term. However, if we continue to see the rest of the global markets selling off ... then all bets are off ... this could cause a major liquidity drain from the large institution traders.
Note the money flow on the daily chart is moving back up ... this only means that its moving back up ... price will still need to follow ... it doesn't always work out that way. Be warned! Today we saw a 93% down day with the NYSE and a outflow of cash on the broader markets of $1.25 billion. Volume looks to be heading lower just like last August 2008 (just a side note).
This was the reason for today's decline. The dollar!
ZSL is heading higher if the dollar moves higher. 
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