Mushy Market Along the Lines of the Daily Candlesticks...

This morning and early afternoon the market has been what I can only call, "mushy", not very well defined, psychologically it looks like the kind of action you'd see with a daily candlestick such as a star or a doji, which is a loss of momentum and indecision. A candlestick and psychological behavior like that on its own doesn't mean a whole lot, but when it follows a protracted trend, signals something entirely different with meaning, a change of heart or perceptions which is what drives the market (perception).

If you look at the NYSE TICK chart alone you'll see exactly what I'm talking about.

However it seems some of the intraday trade is firming up and giving some stronger signals, the IWM is certainly giving stronger negative signals.

I want to check on a few different areas before putting an update out as we are just coming out of the "mushy" trade, I want to make sure we are coming out of it rather than this being a larger swing in the mushy trade (mushy meaning not well defined).

The charts beyond intraday are solidly negative so any short term charts moving more to the negative side will likely bring a much more negative move in prices.