Technical Picture - Oversold

IBD changed their market outlook from "Uptrend under pressure" to "Market in a Correction" tonight following another distribution day.

As you can see from the S&P e-mini futures chart above, if we can't hold today's low as support, watch out down below. There's not much support between here and the July lows. After hours, Irish debt downgraded from AA to -AA by S&P.

Since the last FOMC meeting, treasuries have broken out and continue to rip higher (TLT chart above), leaving the bears firmly in control of the equity markets.

Oil inventories tomorrow at 10:30. We are approaching a support zone. Let's see if the over-supply issues start to correct.

The markets/stocks are oversold, so my strategy lately, has been to focus on leaders that continue to run on their own momentum. CRM has been a daily trade since Friday. ISLN looks poised to move higher tomorrow.