Good Technical Article
I like Ashbaugh, he writes up good clean numbers & articulates conditions required for breakouts quite well. A nice break from the more abstract sections of the technical analysis sphere.
Michael Ashbaugh, The Technical Indicator
He notes also the path of least resistance is down. A statistic from UBS equity analysts would appear to provide quantitative backup to this:
Fundamental concerns remain, however, and are most concentrated around the earnings outlook. Global earnings are down 15% from their peak so far compared to 30%-40% in previous cycles.
UBS Capital Markets