- The initial drop to QQQ 462 and SPX 5500 had "huge" volume in afterhours
- While these price level were above this week's high, the subseqent drop, which pushed both index below this week's low, had smaller, but non-trival, volume.
Right now, the probablity of a market top has increased significantly due to the break of this week's low, as we could move directly on the red "iii" to the downside. Today's bounce during the day could be viewed as red "ii" as it did not penetrate the resistance area outlined earlier
Given the volume in #2 above was relatively smalll (unlike #1), we still have a chance to go back above this week's low during the regular session tomorrow.
However, if we are not able to recover quickly (either tomorrow or on Friday), we would continue going a lot lower in the red path (If red path confirmed, both index will still fuctuate up and down, but direction is down)
