Today was a KEY day?

The most important perspective on today's trade must be viewed from the closing prices in relationship to pre-opening sentiment and expectations. Today was an emotionally-charged trading session that had the "outside" enhancer from the sharply higher crude oil market and key pipeline fire in the US.

Markets have been operating amid a backdrop of conditions conducive to an extended correction phase for some time. Today may have been a key exhaustion/turning point for bullish momentum. Any follow-through downside price action to today's weak close could quickly inspire notable liquidation pressures. Producers need to step back and ponder the merit of some sales.