Bak to the market

Now that the gap fill attempt seems to be cooling off and this is exactly why I don't put too much weight in early trade...

 The SPY broke just a little with the FX correlation at the read arrow in a finger tip reach for the gap, currently sitting on some intraday support from the triangle's breakout this morning.

 DIA saw some ugly volume at the lose yesterday, it is dwarfed by this volume spike, which in the position it is in, I would guess is indicative of churning.

 The Q's also saw ugly volume near the close, again dwarfed by recent volume.

 And the SPY which also saw VERY ugly closing volume is on par today as intraday/morning support is touched.

For scale, here's what yesterday's volume looked like near the close as it is not looking proportional at all compared to today's

Yesterday's closing SPY volume for comparison to today's.

 I have covered some conventional indicators you can follow to see what the market is getting ready to do, I posted the NYSE Tick chart in the last market update and here's the TICK, which is all NYSE advancing issues minus declining issues, since then-TREDND CLEARLY BROKEN and the TICK as well as 3C provided early warning.

 Here's the DIA now, starting to lead negative, although there's a decent chance for some brief support at the morning support.

 The Q's with yesterday's horrible readings and today's confirmation of the downside move, also starting to lead negative.

 The same with the SPY.

 Keep an eye on USO, last week it pulled a major surprise reversal on the inventories report an hour or two after, 3C is not improving .

Heres a longer chart showing where 3C went negative and USO DID in fact break down in the red box, just something strange has been going on since, this chart is not improving today either.