If the current trend of the day holds, today is likely to represent the first real severe downside volume day.  Heading into the last hour of trading, down volume on the NYSE is 89% of the total volume.  We view a 90% downside volume day as severe and indicative of a panicky tape.  We will see how the day closes, but the (this?) is what happens in the very difficult bottoming process while making an intermediate-term low.  We highlight how we see it playing out in our post today – Pain is motivator as retest plays out.


Past performance is not a guarantee of future results. Index returns are unmanaged and do not include fees or expenses. All market data points and expectations are from Bloomberg as of 11/20/2018, and should not be relied upon as current thereafter.


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