Stocks Slide On Heavy Volume

Today the stock market was down sharply on heavy volume. As you know I've been writing about how volume has been heavier on the down days which was a clue that the bears were in control so it should come as no surprise to see today's collapse in the market.

You'll notice in the above chart of the S&P500 that the uptrend line has clearly been violated which in my opinion means that further downside is likely.

Leading the decline today were commodity related stocks such as oil and gold.  The OSX (oil drillers) was down over 4% today having its largest down day in quite some time.  Airline stocks were strong today compared to the market benefiting from the down move in oil.