$TICK stayed in the negative range most of the day. The $TRIN was not overly bearish, but bearishly trended up most of the day. The -1 Standard Deviation level provided support until the close of the European markets. The futures then traded down to the -3 Standard Deviation level, which then acted as support with the -1 Standard Deviation level acting as resistance. The ES futures then closed below the -3 Standard Deviation level.
The Financial Sector was weak relative to yesterday, and weaker than the market overall. The combination of all 8 SPDR Sectors trended down all day along with the futures. Short positions was the play of the day.
Charles
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