1-day Chart
Yesterday was one of the days in which a gap did not fill. I talk a lot about the slope or angle of a rally for a nice rebound to occur intraday. That simply did not happen. For a rally to occur intraday, the gap must begin to fill within the first 30-minutes of the day. If it doesn't, there are some serious problems. Notice how the descending triangles live up to their names and break to the downside. This indicates that buying is drying up towards the end, but the sellers are holding the line.
3-day Chart
Here's a 3-day chart. You can see the major area of support that completely broke yesterday morning, right at the open.
5-day Chart
Here's a 5-day chart showing the same thing, except the consolidation prior to the breakdown took a while. This was entirely due to the uncertainty and anticipation of the bailout plan.
10-day Chart
In the 10-day chart, you can see that we filled the gap that occurred on 9/19. We also broke another major support line.
Keep these in mind for this week's trading and don't forget to pull up 1-day, 3-day, 5-day, and 10-day charts!
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