Breakouts

I'm looking at the S&P chart, both daily and weekly and this is what i see.















This is the daily action, and from the looks of it, it'll crack the november lows, bringing the close (in 30 minutes) to about 11 year lows.

Look at the oversold RSI. Part of me says that shorting something in this market might not be too wise because of a bounceback. However, i believe it's negated due to the breaking of the new lows. As mentioned in the previous post, the decline should continue from today for the next couple of days, to eventually rally to test the new resistance created after this.