The first day of the New Year starts with selling on heavier volume distribution. Today may be the start of something, but one day's selling does not make a crash.
For the Nasdaq, we have the MACD trigger 'sell' but still a bullish cross in relative performance to Small Caps. The selling was looking bad but buyers were able to step in at the 20-day MA.
The S&P similarly sold off on heavy volume with a fresh 'sell' trigger in On-Balance-Volume to follow that of the MACD.
While the Russell 2000 was the first index to turn and did experience distribution today, it was able to successfully defend its 20-day MAs.
You've now read my opinion, next read Douglas' blog.
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