Price/Volume Relationship Extremely Dominant

Here's the breakdown for the major averages:

 Dow-30 with half the components in Price Up/Volume Down

 NASDAQ 100 with more then half (60) at  Price Up/Volume Down

 The Russell 2k with more then half at  Price Up/Volume Down

And the S&P-500 with more then half at  Price Up/Volume Down




Consistently across the board without exception, at least half of the components of all the major indices came in at the most bearish of the 4 P/V relationships. It seems counterintuitive to say "price up" can be construed as bearish, much less the most bearish of all 4 relationships, but it is. It shows buyers backing away from aggressively bidding up stocks. The most Bullish P/V relationship is Price Up/ Volume Up.


The second component in how strong the reading is comes in the form of confirmation between the averages and finally in the dominance. With more then half in any one relationship, this is extremely dominant and even more so on a day when we saw higher then average volume (NYSE 763 mln, vs. 606 mln avg; Nasdaq 1696 mln, vs. 1467 mln avg), 

This is one of the more complicated layouts I've been working on, determining the P/V can be done with a simple easyscan, creating an index indicator and applying it to an average is the difficult part, but I'm working on it because I think when you see it visually the relationships make more sense.