Today registered the lowest Up-Down Volume Differential since March of 2009 (before the technical bottom).
We also registered, the highest TRIN reading since Dec. 2009 as well as the lowest TICK reading since Feb. 05, 2010 (the bottom of the previous correction).All signs pointing to an extended correction?
I have had this 60-min SPY chart up a couple of times, showing the range we've been in since February in an Andrews pitchfork. Today we finally sliced through the lower median line and price actually bounce at the 50% and 75% warning lines (the white dash lines extending below the solid yellow Lower Median Line).
Today was a 2b reversal day after price failed from it's new highs
Also of note was where we corrected on a broader perspective. Take a look at the SPY weekly chart and how Support & Resistance interchange as a pivot. I also couldn't help but throw in an Andrews pitchfork for good measure, of which we (so far) just fell short of the mid-line).
Take a look at where the highs on the Q's currently stand
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