Stock get hit hard again today

The stock indexes continued sharply down today. There was a bit of a recovery attempt early in the day, probably as bulls throught the tail left on yesterday’s charts might have been a climax to the selloff. But it wasn’t to be, as late in the day the bears hammered prices down violently. Gold was not spared as it too declined.
The above chart of the QQQQ (Nasdaq 100 etf) had the largest down candle on the chart so far. Yesterday’s range was a bit larger but prices closed near the middle of the range. Today the Qs gave up and closed a penny off the lows, and right on the regression curve support, but violating the swing point support that is drawn with the yellow line. The trend indicators are still up, but the violation of the swing point is not good. If a rebound doesn’t come in the next day or so I’ll have to start trading this market from the short side.
The S&P etf is in a much weaker position. All support has been broken and the trend is clearly down. I will not chase this market here. A partial recovery would not be unexpected next week, which could set up a good entry point for put options.
Here is a longer term view of the S&P etf. The uptrend looks a little better when you squeeze the bars tight and stand back a bit. I’m not a big fibonacci fan, but I do like to see what other traders might be looking at, and many traders use these retracement tools. We are sitting near the 50% level on the retracement of the last swing up (the purple line). The entire upmove since last October hasn’t even retraced to the first fib level, which is the upper green line, which looks like about 7 full points down on the etf. I’m not suggesting it will go there, but if it does, the longer term uptrend still looks like it could survive.
The gold chart looks like it is trying to break down. It was sitting on pivot support yesterday, and today broke through it by a little. At this point I would look to sell rallies unless indicators turn up soon. The trend indicator (blue lines) is still holding up, but with prices under the indicator, it is only a matter of time until it turns down, and then rallies back up to the lines would indicate good areas to short. The larger swing point indicated by the magenta line was violated, as was the minor pivot indicated by the purple line. There are a couple of points of support near the lows of the last swing down which may be tested. Hopefully they will hold. Of course, gold can alway surprise on the upside if the dollar falls sharply, but it is quite oversold, so a rebound there could push gold down to take out those recent lows. It is normally dangerous, in my opinion, to look at other markets for clues, as each market should be analyzed individually. However, in this case the dollar seems to be the only driver for gold.