Today's movement came on lower than avg. volume (NYSE 711 mln, vs. 790 mln avg; Nasdaq 1470 mln, vs. 1744 mln avg).
Decliners outpaced advancers in both the NYSE and NASDAQ by a large margin (NYSE 985/2006 Nasdaq 758/1773).
The real surprise was in the dominant Price/Volume relationships, I've never seen anything like this before.
First the dominant relationship was extremely dominant, Price Down / Volume Down, this is probably the most dominant relationship reading I have ever seen. Price Down/Volume Down is the hallmark of a bear market.
What was absolutely shocking and I went through a couple of averages just to make sure I didn't have bad data, was the bullish P/V relationship of Price Up / Volume Up (the most bullish). The Dow and the NASDAQ 100 didn't have a single stock in this category!
Of the 2000 Russell stocks, only 5 met the relationship.
Add another thousand for the Russell 3000 and only 7 stocks advanced bullishly!
The S&P 500 had 2 stocks in this category.
I don't even know what to think about this, I have never seen anything like this in years of following the P/V relationships. All I can say is that changes in character lead to changes in trends. I really don't have words to describe how shocking these readings are.
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