S&P Freefall

With 3 hours to go in the trading day, we have an interesting looking chart in the SPX:

As noted earlier this morning in our LookOut Below post, the markets have been making up most of their morning losses over the past few weeks. On opening gap downs, the lows of the day seem to be made in the first 20 minutes.

Not so today: The market gapped down hard, and kept going. The break of the recent trading rhthyms could be very significant going forward; it means the hopes for a sharp market rebound are being dashed.

SPX Intraday, August 11,2010

click for larger chart

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