Buyers strike

• Very ugly action but not enough volume to support such a drop.
• This looks like buyers strike. In absence of buyers it is straight down move on low volume.
• In one week there will be quarter close, so chances of further weakness are low in my opinion.
• Most likely buyers will step in at some level to drive market higher just before quarter ends.
• In few weeks you have earning season starting. Earnings related strategies will still be my primary focus at this stage.