For a half day/holiday , something is going quite wrong in the market today. I'll try to get leading indicators out as well. Many charts I haven't notated, I don't think they need them and I'm pressed for time.
If anything, you'd normally expect a higher proportion of retail traders (vs normal market days) to be active today and we know their bullishness is off the charts so the below charts are difficult to explain away unless there is in fact something very wrong here.
My Custom TICK Indicator vs SPY, note how low TICK is,
this has NOTHING to do with volume and everything to do with the proportion or ratio of advancing stocks per bar minus declining stocks per bar. Compared to the recent trend, today stands out like a red thumb.
As does the TICK Index , not a move above 500 all day!
IWM intraday just lost it at new leading negative lows for multiple weeks
IWM distribution in to Wednesday's close and in line today.
IWM 5 min with a very fast/deep leading negative through the week.
Considering the macro trend and last negatives at the last major highs, this is a real problem -2 hour chart.
QQQ intraday today has lost it 3C and now price.
Deep QQQ intraday distribution
More QQQ deep
Considering where QQQ price is on this 4 hour chart and the size of the last 2 negative divgerences that took it to lower lows, this speaks for itself.
This is the epitome of the expected market move to come next.... very similar to ALL Leading Indicators
SPY intraday
distribution in to Wednesday close
deep leading negative 15 min SPY.
Again, all things considered, it's not that hard to believe in a move much stronger on the downside than the up...
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