I've never seen a market in this much pain before, hanging on by a thread, but I think it makes the move we were looking for yesterday, an intraday bounce.
IWM intraday positive is still there, the volume flameout is there as stops have been hit.
The problem is...
Divergences in other averages fell apart, the Q's didn't carry on,
The SPY that made it to the 2 mi chart yesterday still looks good, but..
The faster 1 min has fallen apart a bit this morning.
Still they've all mostly hit a ton of stops and have pulled off a short term arrest of the decline with a mini capitulation event.
Whatever happens, bounce or not, this market does not look strong, and I mean not even intraday bounce strong so I'd be careful about playing anything too counter trend from yesterday's prevailing downtrend through most of the day for the moment.
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