Previous market update here , no change as of now.
I don't see any bottom in the charts right here. Yesterday morning, the market tried to rally but failed miserably. The afternoon sell off was vicious. I see signs of atleast July/ August 2011 (if not more dangerous markets) when I go through the charts. It will be a miracle for the markets to bottom right here, right today. Price is king, but how will the price bottom when there are no indications at all? Bear markets come with bull traps, so beware.
One of the barometers I use (chart below) is still on a sell, but shows indications of a "near" bottom. Near = doesn't mean today! Near means we are close to it, in time. Not price. The last drop that could be squeezed from the bulls can be big and violent. Hence, don't try to define the future. Just follow the trend.
If you have any questions on this chart, send me a message or reply below. Good luck!