Bloodbath

Wow! The Nasdaq (QQQQ) just plummeted from the 50 day moving average to the 200 day moving average in less than one session. Volume on the down-moves has been huge and meager on the bounces. It still sits well below the VWAP. Here's part of today's 5-minute chart:

New lows are killing new highs for all but the all-time highs; however, the all time highs are from yesterday's close so I wouldn't be surprised to see today's ratio be <1. Worden's T2108 is also falling below 30% ... it will be interesting to see what it closes at. If it get's below 20% there could be a bounce in sight. But, maybe not for a while.

06-May-2010
New Highs	New Lows	Hi/Lo Ratio	Period
118	2830	0.0	20 day1
94	1393	0.1	50 day1
70	170	0.4	52 week1
37	26	1.4	All-Time2
1 Out of 5045 US Stocks on FINVIZ  2 From uglychart.com

The Chinese market has been faceplanting even more than US markets, which is consistent with the guppy chart I posted two days ago. FXI now sits at the bottom of its downward sloping channel. One scenario is that it gets support here and moves up for a while before stalling out again.