Yesterday the market gapped up a small amount and made a brief attempt to rally but could not trade above any of the prior day’s resistance. It began a five and 15 minute downtrend that lasted the entire day leaving another red bar on the daily chart. The SPY was identical. First, on an intraday basis prices are in intraday downtrends that are shown clearly and the hourly and 15 minute chart. The 15 minute chart is shown above and prices are in a clear 15 minute downtrend hugging the declining 20 period moving average. Unusual for today, there is NO real area of support or resistance. ‘2’ is the low of yesterday and is a reference point that may offer ‘some’ support if prices gap up in the morning, but very little. On the top side notice that ‘1 points to 3 areas, all of which are ‘resistance’, none of which are key areas until, maybe, the highest line of ‘1’. The best storm for today is to see that 15 minute chart follow its Stage IV trend until the first ‘possible’ area of support is reached at ‘3 on the daily chart, then see a key reversal. That won’t likely be until tomorrow. Any attempt to reverse today has to be watched as prices are near enough to the area on the daily chart that could get bought, but confirmation is definitely needed.