Market Overview Jan 24

Not much to comment, beside now we know the trend is down base on today's action. We probably going to bounce base on a lot of oversold indicator.

Chart attack:

See SPY chart, talk about huge volume on the downside, this maybe a trend change signal, will have to see how next week goes. Touched lower BB, so most likely it will bounce here, counter trend bounce? RSI level also suggesting a bounce.

See DIA chart, same as SPY chart, huge volume on the downside, maybe we bottom here and bounce abit before going lower. 

See IWM chart, same as DIA and SPY chart, touching lower BB, RSI oversold, volume is huge. Bounce may happen

See NYMOT chart, we are at an extreme level here, bounce may happen as I speak or soon. MACD suggest further downside though.

See VIX chart, talk about the mother of all bounce not seen for months, this has push the RSI level to extreme overbought level. Blow pass the upper BB by a mile. MACD suggest further upside or consolidation at the very least. 

Short term: Getting bullish