Another clue...Fibonacci.

[Mark Lytle]

Along with my charts of a few days back, I have checked my more conventional Fibonacci spreadsheets and almost missed that the amount of time that the $NDX has spent rallying from the March '09 lows, as of 1/08/10, was exactly .618% of the duration of the crash from Oct '07 to that March low. We are only a few trading days beyond that, so it would still qualify as a Fibonacci turn if the markets broke down here. This is in addition to the exponential nodes we have just seen hit over the last three weeks. So things are not happy today in the markets, and it bears watching, as change could be coming....

[Steven Vincent]

Also the "throw over" and then failure of what could be a rising wedge formation is a classic topping pattern.

[Steven Vincent]

Sure is possible. SPX touched its major trendline support off the July bottom today and violated several shorter term support levels. OTOH an intraday reversal would be bullish. Definitely a touch and go situation at the moment.