The NYAD opened at less than zero today as an indication of what was going on pre-market. On somewhat restrained volume (less than Friday), the Qs clung to the S1 pivot. . .both opening and closing on it. This is inside day behavior, despite the argument for the price range expansion. The NYAD never made it over .35, even with the 850+ TICK readings in the last 90 minutes. These inside days (when the Qs have not hit another pivot) are typically resolved with 2-3 pivot ranges the following day (think engulfing bars) and the anticipation and volatility characteristic of FED days (tomorrow) should only serve to exaggerate that range. The last two 5 minute bars of the day are likely a hint of tomorrow.The VIX continues to climb and the financials continue to fall.
The arguments posted in Friday's Weekly Update for a continued slide remain intact.
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