The Nasdaq also lost ground on heavier volume distribution. If there are further losses look to the 20-day MA at 5,727 for support. Otherwise, hard to be buyer before there is a support test, and shorts would be taking a risk assuming 5,867 holds as a swing high.
The S&P has been the index of defensive choice. And while it just experienced a 0.26% loss it did come with higher volume distribution. The smaller loss meant there was another uptick in relative performance.
For tomorrow, watch to see how the Russell 2000 tests breakout support, and if the Semiconductor Index accelerates its negativity.
You've now read my opinion, next read Douglas' blog.
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