Opening Indications

Thus far, everything we saw yesterday that showed distribution in to yesterday's higher prices, looking a lot like a textbook head fake move on that large rounding top, has met with its logical conclusion this morning, if higher prices were being distributed, there''s no support under them.

This is what the opening indications look like thus far.

 SPY distribution from yesterday, still leading negative.

QQQ distribution from yesterday

and IWM distribution, which is still in its downtrend with 3C confirmation, looking like this...

IWM trend with distribution yesterday.

I want to dig a little deeper, but this is exactly what you'd expect from yesterday's price action along with the deep end of day sell off in credit and leading indicators.