Lets begin this brief note with a look at the SPY. Today we moved on lower volume to about the 1/2 way point of the previous little down move. Although we closed near the top , smaller range and lesser volume suggest decreased demand.
We can see the decreased demand on the intra day by comparing the upwave totals today with yesterday's. 141 and 152 today against 220 and 261 yesterday. Please observe the evidence of heavy supply from the buying climax at 2:15 until the close on your own.