The Indices traded lower today, led by the NASDAQ. Interesting that the intermarket divergences still exist with the Russell showing the most strength in terms of price development, followed by the S&P, and the NASDAQ lagging greatly. Most concerning is that NASDAQ volume increased today, but it was mostly selling volume. Net volume in the NYSE is basically flat. Breadth in all of the Indices is still weak to muted. While it is impossible to determine who or why there was a volume spike at the close and price bounced off of short-term support, tomorrow will tell the tale of either rotation back up, or a breakout lower.