Courtesy of Declan.
The S&P lost a little, the Nasdaq gained a little, but there was no change in the larger picture. The S&P registered a distribution day, of sorts: volume climbed, but as the index finished with a doji it doesn’t really qualify as a heavy sell off day. The selling volume was enough to generate a ‘sell’ trigger in On-Balance-Volume too, but the whipsaw risk is high.
The Nasdaq did the opposite. It added nearly 0,5% on higher volume accumulation. It’s brushing the 10% envelope relative to the 200-day MA, which is not a particularly strong sell signal, but a warning sign for a possible slow down in the advance.
The Russell 2000 enjoyed a similar day as the Nasdaq. As a speculative index, its leadership is key going forward.
Lets see what tomorrow has in store. I don’t think there is much too much bears can do to really shake the boat, but time will tell.
