The Small World 2 Day ALERT noted yesterday caught the turn although there was an opportunity to bail at the open. In fact some of the greatest weakness today was booked in EEM and EFA along with EWJ and EWG, perhaps revealing how fragile the current market situation really is.
It was a bad to worse scenario all day although volume remains muted and the NYAD (advance/decline line) only fell to .23 levels...well above the capitulation levels of less than .10 than we normally see before a positive momentum reversal.
Here's a look at the SPY X sectors:
The SPY Trader was negative from the get go and this is what a full bear event looks like on the charts:
On the lower chart XLU finally shows its role as a risk hedge.