Today pretty much painted all the individual stocks I chart in a negative light, with the exception of the utilities (ED) and KMP. (Before today some were already negative, others were holding on.) Because of this, I do not know what to make of the current market.
As a pure technician, the charts are obviously being negative. They trigger a sell, no question about it. But they have done this many times before, only to be met by violent up swings, simply because fundamentals matter.
At the moment, despite all the negativity, the SP500 has not broken down from the trading dynamic that began in March 2009. Rallies within this rally took place, as multiple supports (via SMAs) held since the start of this rally. Right now, the SP500 finds itself on the precipice, as it did in July.
IMO, this is confirmed when looking at the weekly and monthly SP500 charts.
When I listen to the chatter, it only indicates the continued bipolar nature of this market.
I like looking at a pretty picture of a nice round bottom of Mrs Market :), and listening to what the picture tell me. But I really love to listen to substance. Fundamentals matter, and I am sucker for things that matter.
Right now, I do not know which bipolar view will prevail.
(Although I did add to IBM today.)