SPDR S&P 500 (SPY)

[USDollar]

here's how I see it, PPT has been buying ALL THE TIME esp in piv points and when the market was about to croak.
As long as the PPT was at the bid the volume was SMALL, few if any big players were selling their inventory.

Now we see volume and pivots failing. So I think PPT stepped back and the big players and the big sharks smelled the blood (coming) and started selling for real , probably doubling down with shorting.

Only big players can provide selling volume. When the PPT rises the market it is on small volume, ALWAYS. I'm thinking it's because the big players somehow are told or sense the PPT is behind the bid, so they (big players) hold off the selling to allow PPT an easier job of pumping, AND , very important, they to be able to sell at higher better price.

When the selling is strong, it means PPT is not on the radar, no one (big players) know when if ever come back, so might as well sell some nice big blocks that anyway are nicely green and were bought with OTM (other peoples money) at ZERO interest thanks to Obama and the prior tainted boys (all the same in this matter).

When the big boys sense PPT, they will step back, volume will drop, price will rise (to resistances), and we will see it in the charts in form of ST uptrend.

NOT THERE YET AT ALL, ST is DOWNTREND