2B Phoenix

While the SPY was leading in the markets yesterday at it's highs, the DIA was leading on the way down this morning. Right around noon prices in the DIA began to break down and make new lows, meanwhile the Q's, SPY, and IWM were all trading off their lows.Here's a link to the 2B bullish reversal setup.

Aside from the non-confirmation of index lower lows, price also displayed some momentum divergences at this point, followed by a classic bottoming setup known as a "Phoenix" (see the link provided).
Price never looked back after gaping away from this setup, and though it may appear lucky that the market rallied as strongly as it did today, perhaps the breadth divergences were cluing us in? The Advancing/Declining issues were trending up, while the Up/Down volume was still working lower.