The breadth was 4.32:1, decliners on increasing sell volume.
Things are again back in the Bears control, as the trend now seems to be down. Breaking below 1084.90 would further confirm a down trend, and breaking above 1109.80 would be short-term bullish move.
The way the Russell is acting, by not making a new high in close to two and a half months, and in a more bearish pattern I believe the SPX might of made its high for the year. The one thing that would make me rethink that would be a substantial increase in buy volume, and that has not happened, in fact the buy volume has been deteriorating during the last two rallies while sell volume has increased.
The question now is will SPX will follow the lead the Russell has already set and head into a more bearish downtrend. Things should become clearer in the next couple of weeks, I would expect the Russell to accelerate its down trend, if in fact it really is now in a 3rd. wave down, it should be obvious very soon.
Todd over at Elliott Wave Principle has a very good write-up comparing the strength of the various indexes today!!
I posted this one because one the simplest forms of Technical Analysis is when the 50 day MA crosses the 20 MA, a new trend has taken place. Now the 50 MA is acting as resistance, and the 20 MA as support on the Russell. Also notice the Full STO indicator, peaked in overbought territory and now on a sell!!
Breadth currently is 7:1, decliners.
Yesterday there were 163 new 52 week highs made, today that number has dropped down to only 9 new highs showing weakness across the board.
7:08, WOW, the market surprised us this morning, not sure if we had a failed 5th, or were in the process of making a 1-2 over the last couple of days. On the SPX this so far can also be counted as the "C" wave of the 4th, but on the Russell, wave 4 would of entered wave 1.
Breadth at the time is 8:1 decliners.