The internals all were pointing to an impending selloff, but to claim the move we saw would be absurd. The breadth declined steadily leading up to the event. Cumulative Tick set lower highs and lower lows leading up to the collapse. The most interesting thing in hindsight besides the overall volume, however, is the continued uptick in Up/Down Volume Ratio. The volume in the two minute decline was over 200,000 contracts. That is a nominal value of over $15 Billion! Yesterday's Value Area proved key, as the POC was the exact pivot, to the tick, of the AP Hack panic. That decline brought the Ergodic Oscillator down to zero, where it turned back to the upside. The new Highs were set on lower readings, so the overnight session and tomorrow's premarket should be indicative of whether or not we are seeing divergence, or the market has more room to the upside, or both. Price is currently well outside of the 5 day Value Area Profile.
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