Here is a glaring example of extreme market weakness by examining internals.
The NYSE index closed higher today but the advancers versus decliners were a whopping 1:3 ratio. In other words even though the index closed positive, underneath the rot, there were about 3 stocks down versus every 1 up. I cannot remember the last time the underneath rot was so bad at a close despite the overall positive close. Will it matter?
Additionally the up volume ratio was a negative .67:1. Volume was solidly negative despite the positive close. The market "rally" today was not strong internally.
The last thing of note is that the trading index was a very skewed .52. Which suggests that a lot of buying power was expended today to keep the market overall positive. Was the NY Fed trading desk in overdrive trying to keep the S&P above 2000?
Lastly, the wave formation from today's low to today's final high has taken the wave pattern of 3 waves which suggests corrective.