I don't have time right now to explain what a "Wyckoff spring" is, but traders since Wyckoff have taken essentially the same concept and have given it different names. "Trader Vic" calls it "2B"; the late Bruce Babcock used it as part of his "Slinky" systems; and Linda Bradford Raschke called it "Turtle Soup." To the rest of us, it is simply a false breakout. It is a little more complicated than this; perhaps I can go over this later, if I have time.
Hourly chart strongly suggests that we need to go higher before we can go much lower. Oversold with bullish divergence on the hourly. (Bearish as I am, I can't believe I'm saying this, but that's what I see.) Not acting on this yet, just mulling it over.
My tendency as well, other than extreme situations like yesterday's close. I was very nervous holding long overnight, and exited almost immediately after the open. And while I think there may be money to made on the long side today, I'm not going long. In fact, what I'm hoping for is a nice pop that will give me an opportunity to liquidate some remaining mutual fund holdings in my IRA.
That being destabilization? (A body in motion tends to stay in motion.) I've often thought what a profoundly stabilizing effect it would have on the markets if only limit and market orders were accepted and stop orders were not.
Very quick 5-point downmove there on relatively low volume, suggesting not so much a surfeit of sellers as a paucity of buyers. Early lunch, perhaps?