 Welcome to a Market Update. I'm doing an update here on the SPI because the SPI was very bearish today. And this is actually the first time that I've said this in looking at this chart for the last two solid months that I actually feel that the market is heavy here now today because it couldn't rally at all. I mean, actually, if you didn't short the market this morning, you had no entry to go short this market today. And around, I don't know, between 10 and 10.15 this morning, I said the market's not going to recover today. It's going to be red all day and power trend down, and that's exactly what it did. Usually though, when the market trends in a strong directional trend up or down, it will give an entry to take it, whether it's power turning up or power turning down. It'll at least give an entry, a reversal entry. The market did not do that at all today, I mean, literally. So let's go over it. This was a neutral gap, and that's how I read it this morning. And we were actually getting down a couple of pennies, but it was neutral. Closed at 180.709, and we opened, oh, we actually opened exactly neutral. Oh, I'm just saying this now. Oh, it wasn't exactly neutral gap. That is very rare. It's so rare that the market actually closes at the same place it opened, gosh, that almost never happens. We actually were getting down a little bit today, but I looked at it as neutral. I thought we would follow through higher today from the buy setup that occurred and the daily chart yesterday into the 50-peer moving average. Low of this bar is 183.59, oh my gosh, I think we're going to break this into the close. It's only three o'clock. No, this market is very heavy. I have to see how we close here today. It's one hour until the close. What transpires between now and actually 10 o'clock tomorrow morning is pretty significant here with this market, because if this market can't hold this area right in here, it's going to pull in, it's going to pull in down to this area in here, which I thought it was going to pull in when we first started to come down. I was given it to pull in there, but then when we held here so beautifully two days ago, it looked like it was really going to hold and rally back and make new hives. But today, this is very bearish. Very bearish market just didn't like anything today, didn't like that come out with data, didn't like the minutes announced, but didn't like anything, nothing at all. Geez, we're going to break the low here into this close. Here it is. It's going to break it. This is very bearish. This is just selling, selling, selling, selling, selling. This is what selling looks like. This is weak. This is what I'm saying. It's the first day in all the days. All the days that happen here. And it's the first day I'm actually saying this is weak. This is heavy. And if the market breaks this level of support, it's going to come all the way down into here, possibly here. It's just there's no lead up here, 68, 59, no. Very interesting. It's just straight selling, selling, selling, selling, selling, selling, selling, selling. I don't even think the market bounces here into the close. One hour left in the day, it's very likely the market's going to break the low of that tail here today. And when that breaks, because people bought in that yesterday and also the prior day, market's going to fall. Market's going to, it looks like it's going to fall here right straight down, drop down into the close. And this is selling. So next area is far away, far away. This could be a stream of bearish days here to the market rallies again. So the next level, here's all the levels. 180, 180, 40-ish, actually 181, 181.50, 181, 180, on 79, 75, another way down here to 178.50. The market must hold this area here, this bottoming tail at 183.59 today. If it doesn't, it's going to fall off the planet into a much, much deeper support, a very deeper support, because any of the other levels that the market would hold are far, far, far from here. And this really should have held. Okay? It's actually triggering out of the buy setup. So the buy setup triggered here yesterday. Beautiful buy setup gap up, nice bullish gap, gap up, over 185.41 and rally way past where it could have even gone. I mean, I actually went past the target, went to the dream target yesterday for the buy setup. It's a beautiful buy setup, but the market couldn't get going today. Didn't like any of the economic data that came out and just kept, as the selling started to go in and we started trading out into itself here. And as the day went on, and this is what happens, as the day goes on and on and on and on, and the market can't hold, it started to sell off. Oh, this is really tricky. 183.59, 183.68, well, I just don't see any bounce in here before the close, but I have no idea where we're going to gap tomorrow. It depends where we close today. If we close and break the low of that tail there under 59.58, likelihood as we gap down tomorrow, very high likelihood we gap down tomorrow. And could be a significant gap down in the market, neutral or gap down, low odds we gap up. And if the market somehow, somehow can survive here into the close, it's got 60 minutes left though, so doubtful. If the market can somehow survive, not breaking this tail into the close, there's a possibility the market could gap up tomorrow and hold. Although I've got to say for the first time, and I, since I can't even remember, for the first time in the longest time, this looks very, very heavy today and weak in the market. It doesn't mean that we're breaking the overall trend. Markets still in a bullish up trend. I still see the market holding the bullish up trend for the entire year of 2014, unless it does something to tell me otherwise, which is not just one red bar. And not two red bars and not any of this today, but for the intraday for the short-term timeframe, if we break this low here, we're pulling in over the course of the next week to two weeks to a deeper support level, although the market will still be in an up trend. A little surprise though, actually. Market just didn't like anything that came out today on any data at all. And just started selling off right here into the open. And the gap, because the gap was actually not, because the gap was neutral, it should have gone right out of the gate. Here we are. We're going to fall here. It's going to break this. Here it goes. Market's going to break that area. Market's going to break that area. Market's going to fall. Market's going to gap down tomorrow. This market couldn't hold itself up all day today. This is very bearish because it should have held. This is bearish. So I like to short. It doesn't mean you can short everything in the world, just because the market's now going to be bearish, probably tomorrow as well. Tomorrow's Friday, yeah. But the size of the gap down is going to depend how it sets up. I mean, we could actually, tonight, here we go. It's going to break. Ten more cents. Look at this. Yep. It's too late. Too late in the day for the market to save itself now. Market is probably going to gap down. And the thing is, it could be big. So if the gap down is big, we can hold on today. I guess we'll just have to wait and see. Look at this. It's trying. 183.59. 183.68. Gosh. All right. Let's look at the one minute here. Actually, let's look at the 15. 15 minute 245. 183.68. Three o'clock bar just started here. Only minute 33 into it. 183.68. Well, the market has to double bottom here in this 15 minute and hold to rally up into the close to try to do something that's non-barish into the close. And I don't see it happening. Now, here we go. We just broke it. Under 68. 66. No. This is really, really, really bearish here. And if you look at this back from the other day, look. Are they going to look great? Even all that stuff that happened are going to look great. Oops. No. We're trying to hold. 65. Every penny counts. Every penny counts in here. But it's just too, too, too late in the day, I think. So if you shorted the market aggressive today out of the gate, which there would have been no reason to do, because we held so beautifully. Here we go. Just broke the low. There. That's it. Ay, ay, ay. Now, look at this. Here's the sell-off. Look at that hard sell-off here. Under 58. Look at it. There it went. No. Market's going to gap down tomorrow. And I don't know what we do in the day, because the gap down could be big. There's no holding here now. None. This is all selling. Selling hard-selling in the market. But we're still in an overall bullish uptrend. OK. So I just want to be clear. I'm shocked at the bearishness of the market today. Utterly, utterly shocked. Because it means we're going to pull into a deeper area. A deeper area that we could have pulled into two weeks ago. And I was perfectly fine with that. But this was a stronghold that set up in here. So it should have continued higher. The fact that it didn't, though, means we are pulling in. No. Look. Just market's going to just fall right straight into the close. No let-up today. I can't wait to see where we gap tomorrow. So we'll have to find out. We'll have to find out. So when you're a trader, you have to train and read stuff in real-life time. Real-life time in here. Because if you are in this market right now, you're going to have to wait for a deeper pull-in. And unfortunately, it's a long, long, long, long way away. I don't see the market bouncing significantly here to the close. The only way we recover from this is if we have some kind of major bounce with the tail here into the close and gap up tomorrow. Doesn't look like it's shaping up that way because we still don't close for another hour. And the market just broke this tail here and it just can't show any signs of life this whole day. So this is Melissa with thestockswitch.com. Very bearish reading the market here today. Very bearish. And I'm not just saying that for the day. I'm saying we could pull in much deeper here now. This is unexpected. I want to be clear. The market is still in a bullish uptrend. We are still holding the uptrend. We're still in an uptrend. We can still stay in an uptrend the rest of the year. This doesn't mean we're falling off a planet, but it does mean we're going to have a deep pull-in now. This should not have happened today. The market does not like anything here that it saw today and is selling off. This is selling. Just pure unadulterated selling here all day long. No entry actually unless you just shorted it in one minute. Only way this sets up for tomorrow to recover is if we close today into a tail, gap up tomorrow or gap up. And we have to gap up like a lot tomorrow to save ourselves from this look here today, which is unbelievably bearish. There is some economic news out tomorrow morning that could make that happen, but doubtful. If we close looking like this, if it was four o'clock right now, I'd say gap down the market and it could be significant because the selling will continue post market. If we end up closing looking like this, look at this. It's just going to fall off sky. Nothing's stopping it now. Man, oh man, oh man, oh man. All right. Have a great day everybody. This is Melissa with thestockswish.com. Look at this market. There's just nothing but selling now. Bigger, bigger, bigger pull-in. Very unexpected, but you got to go with it. And since I love to short, I don't have a problem with this. So we'll have to see where we gap tomorrow. Tomorrow will tell us a lot about the market, but big sell-off here into the close I see. No let-up, no recovery all day. Market has, you could count the green bars in the 15 minute. One, two, three, four. Four green bars in the 15 minute chart all day. Very bearish. This is Melissa with thestockswish.com. This is the first day that I've actually felt a heaviness here in this market. Again, I want to reiterate, this is not mean we're changing trends, but it means that we are going to be in a temporary pull-in that is going to be deep. Deep, and I don't know where it stops. There's many, many different levels of support for this market here. But for the time being now, this is looking very bearish for tomorrow. Have a great trading day, everybody. Tomorrow, this is Melissa with thestockswish.com. If you'd like more information, email me at Melissa at thestockswish.com. Thanks, everybody. Have a great day.