Below is my simple non-quantitative analysis of the last week based on what i saw in the market. Feel free to shoot holes in my observations/interpretations. Mon: GapUp fails. New Bulls are trapped Tue: After 7 am news, I observed/felt tremendous selling pressure where every uptick was viciously sold. To me this selling pressure felt very unusual. I mark this day as a special day where the Giant Seller manifested himself. Wed: Bulls appear in control again, but they can't take out Tue High. Therefore, in reality Bulls are NOT In Control Thur: Overnight GapDown Makes Mon and Wed Bulls lose it. They capitulate, the bottom is formed, up we go. Are Bulls in control now? NO because Tue Highs are not taken out. Fri: Back-and-forth. Bulls still can't take out Tue high decisively. To summarize: it is taking Bulls too long to undo the damage from Tue, hence the Bulls are not really in control. The Giant Seller is ready to step in any day now to drink some more blood.