Instead of losing ground, the Dow finished basically even today. The volume was below average and can be interpreted as a sign that there really is zero demand in the markets.

If you like The Rogue Investor on Facebook, you would have seen the article from CNBC claiming that the U.S. is in worst shape than Greece and is on the verge of defaulting. The economic news continues to slam investor confidence.

Take a look at a 3-month chart of the Dow:

The market is getting a much needed rest after being, in my opinion, oversold.

Overall, the action today doesn’t change the picture much and we will still likely hit either 11,750 or the 200MA, whichever comes first, before finding any support.