fear sets in

Things were moving along nicely today until it all fell apart. Resistance at the previous day's high held (also 50% retracement off of Friday's long range bar), and a double top (a triple top even!) was catalyst enough for a collective dumping of shares and ending the day right where we started. Bulls were likely looking for a strong close today in order to gain confidence that a bounce was in motion (also would have confirmed the Homing Pigeon bullish reversal candle pattern from yesterday). We're back inside a previous consolidation range. A breakdown from here would be significant, but we'll have to wait and see how enthusiastic buyers are at the $109 area.
Of particular interest;
The recent momentum down has registered the lowest momentum reading since the March "bottom"Also, looking back since March, there haven't been many occurrences where price attempted to rally following a sell-off, only to be sold into a long legged doji and closing below the previous day's close. It's actually been quite rare for price to retrace so little of a previous sell-off move.
And, just for the fun of it, here's a look at the cycles spanning these past few days in the SPY: