97% of today’s selling was on the downside. That is a pretty massive number. In fact, the
last time downside volume was high it lead to a big
rally the next day, so I’m revising my analysis for tomorrow and I expect the market to move higher.
If by some chance the market fails to rally, then that would be very bearish and I would expect another day like today. Quite frankly it wouldn’t surprise me if it goes either way, but as for now I’ll refrain from entering fresh shorts until tomorrow’s close at the latest.
