US Equities

The 5/6 waterfall decline created the swing low. Volume at the swing low was very high. This is denoted by the letter A. The 5/21 retest, marked B, occurred on 10% decrease in exchange volume. This suggests the downside force is waning. As I said before, high energy bottoms are often tested numerous. If energy contracts during the testing process, it supports a short-term reversal. A break of the swing low on a sign of strength supports lower prices.

Fear still rules the day. This is a product of deteriorating confidence. This suggests further volatility and conflicting explanations.

S&P 500 with Exchange Volume: