CAPITULATION TICK

Yesterday finally saw heavy minus tick to offset the oversold Cook CCT indicator which had been overbought for some time. We had 34 instances of minus tick with a low of -1495. Tick this extreme is rare and generally marks capitulation type of bottoms. The 25 point reversal could set up a situation where the short term market is now oversold above a key support area of 1150. We will have to see if this holds in the coming days.