The daily view shows the battle was definitely there and has been for almost two weeks now. The sellers took hold Thursday and Friday in what felt more panicky, getting closer to some capitulation. That doesn’t mean we can’t fall further and looks like we will if pre-market action holds.  400 on $SPY and 300 on $QQQ are big round numbers and might become magnets if sellers come out swinging again. How they react at those levels should be a good tell if we get there. It felt like sellers were getting exhausted into early week and the markets rallied hard out of the FED meeting like the buyers were coming back. However, that was a big head fake as those buyers lasted less than a day and Thursday saw no follow through, instead, got immediately sold hard. It really did feal forced, like a fund or funds were liquidated, but that is just speculation for now. We will hear later if that was the case. In reality there are just no buyers convicted enough to step in yet. A buyer’s strike as I have heard it put before. We are still seeing long and short-term divergences form which has us watching for short-term reversals; but price action continues to ignore them for now and can for a while. This does show the downside pressure has been waning, but again, until buyers decide to return, nothing will change of significance as the markets can fall on their own weight in these environments.