93% of 4 breakouts yesterday were on bearish side. There were only 26 bullish breakout once you take out the bearish ETF's. But again volume remained weaker than last week low day volume. This week is expiration week so that will make it even more volatile.
Sellers were in complete control throughout the day. This looks like a liquidation of positions. In such circumstances the buyers just step aside and we have these one sided moves. One of the problem with the bounce on Monday was the extremely small number of breakouts for a big move. As a result I had concerns about it. At the current rate of selling we will be back to 200 numbers by end of the week on Market Monitor. Which again will be bullish.