More Sell Strength?

Earlier today we called for a reversal as the market found intraday lows and a toehold to climb higher, however as I pointed out earlier in the day as well, there was some interesting damage done,  not enough to stop the bounce that is expected, that should still be on track, but I have to wonder based on what I'm seeing now, how far a bounce can get and if today was just a [preview or re-run of the last bounce attempt in which any price strength was aggressively sold?

 SPY 2 min is in leading negative position, not horribly so, but there was definite weakness apparent that really shouldn't have been there.

Right now I have the SPY +.14%

The IWM shows the least damage, right now I have the IWM at -0.53%, in other words, no strength to sell in to.

 And the QQQ has the clearest intraday negative divergence and also leads at +0.81%, in other words, there was something to sell in to and it shows the most obvious damage.

The intraday NYSE TICK's trend, yet lots of forays into the -1250 area.

Index futures show the same.

I don't think this stops the market from the bounce we have expected, but I do wonder if it gets sold so aggressively, that it hardly resembles a bounce.

Don't forget, the State of the Union tonight, tomorrow wwe'll have the BOJ rate decision and Thursday possible ECB QE which is the main event of the week, however, I'd be careful about following the conventional wisdom too closely.