Equities tracked the ChartsEdge map well intraday but increased selling volume on technical break looks bearish for investors

The S&P 500 did a neat job for intraday traders by tracking with the ChartsEdge daily map today (that's a bonus, remember - as we're to use them for timing, not levels - but a nice bonus!), with the decline into the afternoon and recovery into the close. But investors and swing traders should remain concerned. We can see from the daily chart (below) that the SPX moved under the "head and shoulders" neckline that everyone's seeing by now, and then price kissed back up to it in the afternoon. If this index is only going to do a mild, ABC symmetry type of correction, then the C leg will equal the A leg at about $864.77. That's just a little down from where it tested today. Meanwhile, the P&F (default at Stockcharts.com) chart wasn't very happy, as it registered a "Double Bottom Breakdown" yesterday and adopted a preliminary bearish target to $805. From an Objective Elliott Wave perspective, Tony Caldaro stated in his evening update that nothing has changed and we should still consider this part of a wave 3 in the movement down. This implies that the index will go at least somewhat lower. There are Fibonacci retrace levels on my daily SPX chart, below, at about $845 and $811, for example.

As I "tweeted" intraday, the QQQQ's reached to and under their ABC symmetry target; then, they moved back above it, under it again, and then back up to close above that level. This doesn't signify to me that the QQQQ's will be satisfied with a symmetry target pullback either.

The dollar didn't rise today, it actually closed a few cents down (the dollar index against a basket of other currencies charted with $USD), and it was really TLT and especially the yen that moved up well today. If the dollar doesn't kick into gear to move higher, that might support equities in avoiding anything but a mild pullback. Yet as I also posted, gold and oil and gasoline (and the financials) moved down and that can be a bearish signal for the broader indices.

And then there's the volume. Volume definitely did pick up today, as the equities indices (as well as other risk-appetite markets like gold, oil and gasoline) dropped and the VIX spiked higher. In examining whether this movement remains looking like an orderly pullback versus a more bearish loss of support (the 200-day moving average that's also being moved under), we'll be looking not only at price patterns but also at the volumes. Today's increase in volume doesn't look real helpful yet.