Important Intraday Market Update

There's just a lot to look at today to decipher what's going on under the surface.

From the move expected yesterday which we have and the weakness of the signals, I'm not surprised to see EVERYTHING negative intraday, it has been building all day since earlier mentioned, the SPY, QQQ, IWM, DIA and all Index Futures.

So far I don't have a smoking gun and I would be hard pressed to say this is just noise after yesterday's market whooping, the dominant Price/volume relationships suggested a 1-day oversold condition and thus far pretty much everything looks to be in line with that view, even leading indicators as updated just a little bit ago.

For now I have to go with that, but in the back of my mind, I'm asking the question, WHY did we get the signal for a bounce today in the first place? Wall St. almost always has a reason and if I take the lazy way out, I say it's option expiration max pain was higher than yesterday's close and they needed to lift the market for that.

I have to leave it there until I find the smoking gun and I'm looking.