The next three 6-month charts show several important technical aspects of today’s action. With the exception of the NASDAQ (the best performer), both the DJIA and SPX formed doji on massive volume. The doji are long-legged, signifying extreme indecision (confirmed by the 1,000 point range in the DJIA). Notice how volume it “back to normal” levels. We actually hit record volume today on the NASDAQ and SPX.

Next, notice the Bollinger bands. With the exception of the NASDAQ, today was the only day where a day gapped down so far that it opened below the lower band. Not only that, the day closed completely below the lower band as well.