The S&P 500 is seeing some of its heaviest selling in weeks. The 11:30 eastern turn came and went with no pop at all. But don't discount the bulls just yet. They have spent years figuring out new ways on how to rally the market into the close. The market internals look like a disaster currently with 8:1 edge for declining issues, while the VIX is starting to peak its ugly head up with a break to the upside and out of a bull flag pattern.
Okay, maybe I am jumping the gun here a little bit, because the S&P 500 and Dow are in the red, but who cares, because with the Nasdaq trading higher right now, and the Russell 2000 extending its rally from Friday another 1/2 percent, what's to say that all four indices don't finish green on the day!?
The volume is the biggest issue for the market right now. It isn't because there is this incredible euphoria taking place with the bulls and that as a result is just overwhelming the sellers, instead it is because there is no volume at all, and when that happens, the market tends to just drift higher. And considering the price range over the last two months, that drifting can result in some pretty impressive swings.
The only thing the bears have going for them is the fact that they got price, for a moment at least, below the June lows of 2019. However, that has quickly resulted in a another buy the dip opportunity to get price back above key support levels.
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