10-27-10: Multiple Divergences as the ES prints new lows....

A text book lead-in, non-confirming low print by the ES that resulted in a mammoth short squeeze today.

8-14-10: Thursday -- Unhealthy

Financials leading the market down today and still the market bounces back to near range highs...

In one word: Unhealthy.

A 3 to 5% one day correction is winding up. But who knows when.

Do you feel lucky?

I officially now have the opinion this market has entered into "the unhealthy zone". Once the pullback starts it's going to be of the vicious variety.

The programs will most likely keep the uptrend going, but as is always the case, it will not end pretty.

Advance-decline moving average divergences also point to the correction that's on it's way.

10-5-10: Tuesday - True Trend day

One of the best true trend days that we've seen in quite awhile!

I've posted a chart of the 50,000 volume footprint chart. This chart highlights the amazing high volume one time framing action printed today.

It's one of those unusual structural charts that does not print very often!

Trend Day Metrics in Play:

Volume above 45 day average -- Check

TICK distribution firmly positive with only 1 sub -600 reading all day long -- Check

A/D solid base near +2000 -- Check.

In sync indexes and sectors -- Check

Relentless strength at previous Resistance 1,150 -- Check.

I'm sure that I left a "check" or two out but what a picture perfect trend day to trade.