April 11, 2014: Sellers smell blood in the water as Buyers are unable to defend important support levels.
Sellers are relentless as the cascade lower continues. Multiple layers of critical support have been violated with Monthly Implied Volatility Band support a likely target for an inevitable oversold reflex rebound. The quality of the next retrace of the sell-off will determine the direction of the next durable short/intermediate term trend. Looking over the horizon, if Buyers are unable to make a stand, the 200 Day Moving Average is the next level of identifiable support as a defined correction is established.