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As of this writing (11:45 a.m. EST), the S&P 500 is refusing to break its critical low. Note the shaded area corresponding August 8th's action with today's.
This could change at any minute, of course. The wise thing to do at this point, I believe, is to review all your charts and make sure your stops are up-to-date based on the recent dip.
Surging inflation and a withering housing market combined this morning to send equities down again. Looking at this intraday graph of the S&P 500, it's pretty plain that the uptrend from July 15th is done.
I find the same intraday graph of Bank of America interesting. This chart leaves little doubt that the resurgence in financials is likewise over. This is a very sick looking chart.
