Was Today a "Black Wednesday" for the US Stock Markets?

Both the S&P500 and Dow Jones Indexes got slammed today, as you can see in the following charts.

The S&P500 actually broke below the support line for the rising wedge, which means that wedge is finished, as weak as is was.

S&P500

Earlier today I made a post showing a chart of the Dow Jones Index, but I goofed up and forgot to toggle log off (logarithmic). Now that I've corrected for this, we actually see that the Dow broke out of the rising wedge as well by a small amount. This is of course bad news for day traders who are addicted to these highs like some kind of digital heroin addict.

Dow Jones

This screw up on my part doesn't change much. What I saw as a near panic scenario is now much closer to being a real panic scenario, and we'll likely know by closing time on Friday whether this was just markets reacting to the news, or whether this is the big one.

Thank you for reading. Stay safe and keep your head up.