The stock market indices got hit and hit hard, but they had a much different opening, with a gap up, and futures higher despite the opening, only to fail quickly, and then rollover hard. They bounced mid to late morning, and then settled into a consolidation that looked like bear wedges. They certainly were open when in the afternoon they cracked hard and slid steadily. In the afternoon alone the NDX dropped from 2560 down to 2528. The S&P 500 at that point dropped from 1371 to 1347. Although in the last 5 minutes they did bounce, they didn’t manage to put much of a dent in the decline. [More...]