Friday the 15th of August in the week ahead post, the forecast was for about 2 good more days of bounce before distribution set in heavily and started the reversal process.
A quick look at Es/S&P futures shows this process right to the day.
There are the two following days for ES, Monday/Tuesday still remaining strong enough to continue a solid bounce, by Wednesday however the heaviest of distribution started in,
this is also about the time we started seeing half average normal volume days in to the end of the week with new low volume days for the year two consecutive days in a row.
Look at the SPX right now, a mere .75 cents from losing 2000, no follow through, no buyers pushing, no short squeeze. This is a pathetic market at this point.
HYG and Breadth indications still stand as the two most likely earliest warning indications and they are already at least a week in to the warning for both, much the same way they were about a week and 4 days in front of the market before the bounce launched.
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