With bad news, the market is showing reluctance to trend down as indicated by low down volume momentum. At 1038 ET as the ES market made a new low, up volume started to outpace down volume.
Also, as the ES trended down, the NYSE Advance - Decline Line refused to make new lower lows. At 1038 ET as the ES market made a new low, both the Advance - Decline Line and the $TICK were making higher lows. When then saw an advance from the morning lows.
Charles
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