Thursday session recap

Well it seems that straight after I made that last post yesterday (after first 90 mins of yesterdays session), the market ran into some strong selling as sellers took over all the way to the close. It would appear that the a lot of people took the opportunity to sell into the morning strength judging from the fact that cumulative ticks finished at just under 0 after having peaked at +30,000. Volume was also extremely strong (30% higher than the 30 day average) especially after noon which shows heavy distribution, obviously not a good sign for the bulls. We've failed a couple of times to find buyers above the 1180 level on the SPX. In terms of market structure, failure to find any buyers up at this level again and prices could auction lower as sellers take control. Again, I don't think you should take anything for a given at this point. We could easily blow off to 1200 or we could retest 1150 on the SPX. Stay nimble and small I say!