Just how bad was the selloff today? Check out TICK.

TICK indicator. I use this intraday usually to give me an up-to-the-second sentiment indicator. It shows the stocks trading on an uptick vs a downtick. This chart is just to put today's intraday reversal sell-off into perspective. I had to use the 15m bars to scale out far enough to find the last time the TICK 20 period moving average for 15m increments dropped as low as it did today. Had to go all the way back to Nov 10th. It was THAT BAD. I dimmed out the TICK itself to nearly invisible just for clarity, and left the black line moving average as reference.

The good news? Well.... if there is any, it's that there tends to be a reversal upward after these extreme TICK bombs, as I call them. I overlayed SPX in orange and used the rectangles to show such instances where the TICK bombed, the result it had on SPX, and what happened afterward.

Today reminded me of a short squeeze, but in reverse? A long squeeze? Is that even a thing? I still prefer my "TICK bomb". Sounds more badass.

Comment:

It's a VERY VERY VERY bad sign that the selling has carried over into afterhours with such intensity. QQQ down over 1.3% as of this writing, driven by mass selling of the megacaps. The spreads are always larger afterhours so this is a sign of desperation panic selling. Today was likely either the bottom of the fall, or just the beginning.