On Tuesday, July 5th, the SPY and QQQ both had displayed trend confirmation. The Trend-Following filter on the daily and the ML1 Level both indicated a Long Day.

The DIA showed a Long Trend on the daily and reached the MS1 Level Down. The DIA later became an intra-day reversal. An Intra-Day Reversal occurs when a market reaches the ML1 and MS1 in the same trading day.