Existing home sales nose dive......

Well the market is acting kind of strange today. Breadth has been trending lower the whole morning and A/D lines are quite bearish. However the odd thing is, is that the cumulative ticks bounced right on the release of the worse than expected housing number. Meanwhile, breadth and A/D lines have improved somewhat. Perhaps some bottom fishing going on here after 3 days of weakness?? Nice big bottoming tail on all the major indices so it seems that 1040 or thereabouts on the SPX are where buyers are willing to step in. Volume is huge today so that's another clue that perhaps the "other" timeframe buyer is stepping in.