Today we could see the effect of yesterday's 15-min chart's aggregating selling power followed by a panic selling from retail had not too much effect on bearish volume exhaustion.
US market, SPX:
Long-term volume signal (1day): Long with warning.
Further volume readings from other, non-public sources: selling institutional volume is clearly declining, however signals show a small remaining power-upturn need to be eliminated in order to have safe upswing price effect. It gives some warning signal.
Advancing institutional volume turned down slightly, however it'still above a critical signal level.
We are still in a strong up volume oscillator setup gives much higher probability for bullish continuation.
Advancing momentum is still in positive area.
General reading : SPX is in consolidation before bullish turn. As it is shown, this consolidation effect can be observed pretty well on chart in the past.
Short-term volume signal (15 min):
Short term oscillator indicates a confirmed buy signal on 23-06-2010 12:15 .Oscillator also confirms a possible bull direction.
Further volume readings from other, non-public sources: Momentum is still in negative area, with a declining selling local peak. Small downward price effect is possible next trading day, followed by a positive price effect, as yesterday's buy volume will manifest.
Clear coil pattern can be observed on several indexes suggesting upswing in next days.
Low volume day again, with no major advancing/declining ratio.
Large SPY, C buy volumes suggest bullish market direction as well.
60-min Ichimoku analysis shows eligible support for a bullish change, current cloud need to be held or left up in order to have bull confirmation.