NASDAQ Technical Picture - Massive Selloff on Capitulation Like Volume

U.S. Markets sold off today following China and the overseas leads. Listening to all of the talking heads on CNBC has so far proven to be a waste of time. The only thing worth noting is the expectation of another gap down tomorrow based on the volume of unfilled sell orders left over from today's session. All sectors participated in the selloff. According to the NASDAQ P&F chart we sustained a double bottom breakdown today and the near-term target is 2310. A breach of the line marked support on a closing basis tomorrow will confirm a downtrend. The NASDAQ McClellan Oscillator is approaching oversold. From yesterday's close we lost almost 100 points on a huge volume spike ( over 3.0 bln ). The spikes in volume and VIX could suggest watching for a short-term bounce.

Economic calendar: GDP prelim and chain deflator 8:30; Chicago PMI 9:45; New home sales 10:00; Crude 10:30.