Initial Internals

For the last 3 days there hasn't been a dominant Price/Volume relationship, its been evenly split between the 4 relationships, today that changed.

Although the SPY did make a late day attempt to move the market (my guess is to keep the bulls hopeful as we enter the weekend and thus keep them in the market and if possible, buying the dip), it was via some manipulation, the Euro didn't support it and it certainly has been a change in character of the trade we have seen over the last month and a half where gains aren't as important (you can tell by the +.12+.50% daily gains which a year ago would go unnoticed) as keeping the market closing green.

 Where's the late day rally that closes the market green by .20%?

Price Volume Relationships. The dominant relationship is price down/volume down, the hallmark of a bear market, but more interesting is just how many stocks advanced vs. declined in each average.

The Dow had 30 losers and not 1 winner

13% of the NASDAQ 100 closed green, as far as bullish closes, only 3% of the NASDAQ 100 closed on increasing volume, not one of the 3 posted a gain of more then .90%

The Russell 200 saw about 15% of the components close green, of that, about 5% closed bullishly.

The S&P saw about the same proportion close green, an 20 out of 500 stocks close bullishly.