Fragile Markets: Breaking Trends, Rising Panic and Oversold Conditions

Breaking bad

SPX broke below the first trend line on Friday, and closed below the 100 day. The move lower is extending, and the index is approaching the big trend line (although this one only has 2 bottoms so far). 200 day comes in just above the big support around the 5700 area. Note we are much closer to the 200 day than to the 50 day.