The Dow enjoyed a triple-digit gain for most of Tuesday's trading session, only to see that entire gain wiped out in the final hour of trading. This Wednesday formation set a lower high and this is an ominous technical signal. It indicates to me that the Dow will soon be trading below the 12,000 level - and possibly re-testing the January low under 11,750. If this plays out, then we have more than 600 points of downside before re-testing the 2008 lows.
As I have said before this should all take place before March 1st.