Argument for a bounce

At least in the earlier part of the day, if not a green close. This will give those who want an opportunity to get in on a position a chance.

 DIA 1 min positive divergence

 DIA 60 min negative divergence mostly formed today

 IWM 1 min positive divergence

IWM 60 min negative divergence

 QQQQ 1 min positive divergence

 QQQQ 60 min negative divergence

 SPY 1 min positive

SPY 60 min negative

What we are seeing is the longer ore significant timeframes all going negative, but in the short term an oversold condition seems to have developed which calls for a relief rally, which is actually good for a trend (down trend in this case). Don't be surprised to see strength tomorrow, but don't take it out of context either. It may be a great chance to add to shorts and other positions.