In the recent past, whenever the market had two solid up breadth days as we had prior to today, the market was usually able to consolidate those gains smartly and eventually push upward to produce an impulsive 5 wave up pattern.
Today was a big failure to do just that. There was a reversal today from resistance. It was not a 90% down day, but it did effectively wipe out yesterday's gains. And that is bearish price action.
Resistance at Wilshire5000 14,560 has rejected prices here. On the SPX the breakdown range was 1388-1392. After meeting this spot yesterday, the market was not able to push through resistance, nor consolidate gains in any meaningful way. This resulted in some "downside surprise" that was cautioned about yesterday.
More importantly, we have a solid 3 wave pattern from the recent 1357 SPX low. That indicates a corrective up pattern.