While Thursday’s sell-off was on lighter volume than yesterday’s massive upside move, it showed the market’s reluctance to cross the all important 50-day moving average.

Nevermind all the political bantering and weak earnings forecasts out there.

If the market’s ready to bottom it will come when things are ugly. That’s the way it’s always worked.

So just focus on price and volume.

For a cleaner look at price-action take in the point and figure chart of the S&P 500 below. They filter random price moves by taking out the time element in the market to give a sturdier take on how price shifts.

It’s a clear picture of the dominant downtrend we’re in and the work needed to buck it to the long side.