In the case of an index you could replace a single big player...

In the case of an index you could replace a single big player selling at a set price with a bunch of smaller players selling at a set technical level (Dow 9000). The volume based indicators (CMF, OBV) have been indicating accumulation though last night's candle was not a positive one. We will almost certainly get lower volume next week due to hols - but is that meaningful in a technical sense.