TICK

 As we had discussed last week, from long time technical analysis dogma, a failure of a test of resistance on the SPX, (what Friday looks like) is what technical traders expect, it's a classic textbook view of technical analysis. I would say this happens once in a blue moon over the last several years with volatility shakeouts moving above the neckline or support that was broken.

It appears from looking at the TICK chart, technical traders saw this morning's gap up as an opportunity to sell/short the market from Friday's apparent failure at resistance as the NYSE TICK chart is pretty much off the scale at sub -1250.

This would set up a nice bear trap with the market moving back above resistance that appears to have failed Friday's test. The early a.m. trade is largely retail orders so I'd be expecting accumulation of the shares sold to move the market above the resistance test. Early indications suggest that is what is happening.