Today printed new lows below the multi-week lows -- BARELY. That is to say, it did so with very low confidence. The sector ETF graphic below shows the mixed sectors, especially energy finally getting a bounce.
So, there is one very big chance that the programs are going to circle the wagons and bounce things. But the daily is in a 5 day downtrend that has structural issues but is firmly intact. But, those moving averages on the daily are in play. Price is now firmly right on 50 day. A big failure from this zone here and it could elevator drop. Or a big green bar print. Either way, I think tomorrow will shape up to provide a bullish expected up response, or a range break failure that could be nasty. Of course, low volume Friday chop could always show it's hand.
