Sellers entered the market as it tested Monday and Tuesday's Point of Control price levels.
The market was able to close the opening gap, but found resistance at that level. Between 1015 and 1045 ET, there was a struggle between the bulls and bears. I thought that the market might find support at the overnight low, but the buying activity was timid at best, and the Overnight Low support collapsed.
The overnight low then became resistance, and the market faded on the test of that resistance without any $TICK divergence. We have had several $TICK bullish divergences, but the market has only been able to correct to the upside a few points. Bears are still in control.
Charles
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