Q's and the IWM still suggesting an intraday bounce

 IWM 1 min

 QQQQ 1 min

As I said yesterday, "Don't underestimate the amount of damage done to the market". I even showed you that only 211 stocks did better then 2% yesterday-that's less then 1% of the market, not including pink sheets and pennies. This TICK chart on a 1 min scale shows something we rarely see, the tick count has consistently been hitting -1250 meaning at each tick for all the NYSE stocks, there are more stocks ticking down then up. Even in sell-offs, we rarely see more then 1 or 2 quick spikes down to -1250, today we've spent a lot of time in the area.

If this market decides to bounce on an oversold condition, even if it's up 2.5%, I'd still be using that strength to add and initiate short positions. The damage is done.