NYSE TICK INDEX

The red line represents Zero, the NYSE TICK Index is calculated by all advancing NYSE issues per TICK, but in this case per minute, minus declining issues. At the red arrow (12:30) you can see the immediate change from vacillating above and below the zero line to moving above zero and into the +1500 area, just around 2 p,m, that changed and we saw some readings in the -1500 area, but the trend s clearly broken.

The market, like yesterday is cued in to the Euro...

SPY in green and the Euro in red, nearly tick for tick.

Which means the underlying action of the Euro/FXE is gooing to be most predictive.

Here's the Euro since making a rebound around 2:15

The 2 min chart clearly shows the 2:15 rebound looks to be under selling pressure in to higher prices.

We can confirm that correlation on the SPY with the same timeframe

And we have nearly identical readings.

On a zoomed in 5 min SPY chart we can confirm the chart above.

And add it altogether and it seems we have a good bit of distribution here.