As price tested and failed at the Value Area Low premarket, it took a good amount of consolidation and failed new lows to get the market to test back up anywhere near those levels. Mid morning we had a short covering rally, that ultimately led to new initiated selling that took us to new lows for the day. The PPS sell arrow on the Advance/Decline and Up/Down Volume charts at 12:10pm were great to key off of to initiate new short positions. S3 off of the ShadowTrader Pivots was able to bring price back to the .618 retracement by the close of business in New York, when a long tailed hammer formed at the climax of the decline.
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