But it isn't logical to keep getting more new lows than new highs especially on a gap and go yesterday.
Even if the indexes are holding, it's a sign of weakness.
Dell was down almost all day on more volume today than yesterday or the day before. Merq was down on more volume too even though it didn't go as low as it was yesterday, it's still a sign of weakness.
And you have some stocks going nowhere on pretty heavy volume..... like MMM. Maybe it keeps going, but how come it couldn't get up and go with all those traders in it? Someone had to be selling into the strength.