The large number or replenishing sell orders we have seen over the past few days happen to lie precisely where the 3-year downtrend line that ESL referred to in his post from a few days back. What we are witnessing is a challenge of this trend and the algorithms that have traded this line from as far back as late 2006. Only when this line is conclusively breached will the asks begin to weaken as the trading programs adjust accordingly. A 15 to 30 cent move on very high volume would do the trick.

Note the RSI is at its highest level since late 2006 and the MACD is turning positive for the first time since early 2007.