Despite the positive 3.5% GDP reported yesterday, markets plunged today thanks to continuing concerns with the health of American Consumer. Declining Consumer confidence and shaky job market pulled the market down below the much followed 50 dma. S&P 500 broke the key support at 1045 indicating that further losses are ahead for the markets.

1) Check out the S&P 500 weekly chart.

2) VIX rallied nearly 25% for the first time in the last 6 months.

Posted: 10|30|09 at 7:59 pm. Filed under: Economy. Pinging is currently disabled.