Final Update

After looking at the charts, L.I's, and especially 3C and TICK, this move looks like a REAL (believe it or not), consolidation (bull flag).

That would be the flag on an intraday 5 min chart of the SPY. I can update my system and get the internals and have a better idea.

The closing candle is a star after a hammer with decent volume on both.

The DIA's closing candle was even nicer looking,a Doji on increased volume (which isn't surprising as the DIA actually looks even better than the other averages.)

The Q's and IWM both put in Stars with nice long upper and lower wicks. All of these candles from the last 3 days in all of the averages are a perfect break under the 50-day moving average which is easily the best known average, even for new technical traders, this is the place most consider an asset either a buy or sell and interestingly the volume looks exactly how you might expect for a break under the 50 m.a. and the 3C charts in the area look like I would expect them considering everything else.

 The daily QQQ with a 50-day moving average-note the volume as price is under the average.

Now I tried not to draw on this chart, except to highlight the last 3 days.

QQQ 5 min 3C during the same period.

If you recall in an earlier post my, "Thinking like a crook" section, it's really just understanding the logistics and difference between trading 100 lots and institutional size positions, they have to do a lot more than just decide what stock they want.

I'll have more after I look at the updated  data and hopefully after I see futures