Ugly Close

As I pointed out earlier, the market saviors such as AAPL are going through a change of character as are the markets. Today we saw 3 key reversal days in the major 3 averages and on some of the biggest volume of the entire rally. Today was definitively bearish.

The DIA daily

The SPY Daily

The QQQQ Daily

Here's the AAPL 3C 15 minute chart, you can clearly see the change of character.

3C was making higher highs and higher lows with price in confirmation of the trend until 9/23, since then it has had a rapid shift in it's position of confirmation to the most powerful leading negative divergence on an important timeframe. Remember, AAPL acted as the Patron Saint of the market for quite some time. 9/23 corresponds to the first dip down we had on a 3C confirmation day in which all of the timeframes lined up negatively, this is usually the reversal point and rather rare to see.

Again, I can not stress enough how $115 on the SPY was in easy reach and today's economic data was not so horrible, the market could not or did not want to hold it. This is very strange in itself as this makes nearly a dozen times that $115 was in reach and the market failed, usually on increasing downside volume.

Whatever it is we are seeing, it now seems to be lining up with our expectations. The volume in the market today, considering past days, was quite impressive and makes you wonder, "where did it come from?" My guess is this was an attention getter.

You never know what lurks behind a move, but for what is obvious and what is seen, it looks like we are seeing the start of a reversal.