Advance/Decline Breadth was extremely negative from the open and reached levels as high (low) as 7 to 1 negative on the NYSE. Up/Down Volume ratio declined steadily throughout the day. Cumulative TICK readings sold off each time they approached zero. In the closing minutes there was one small rally, relative to the decline, that brought TICK readings above zero. This was a reaction to the lowest TICK reading of the day which corresponded with a low price breaching 1545. The market traded in the Value Area near the Point of Control (POC) from the prior day overnight, but failed to hold the Value Area Low (VAL) at the open which gave momentum to the shorts. Price ultimately closed at the POC of the last 20 trading days after the bounce up failed at the VAH.
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