Volume returns but market direction remains elusive
With Christmas behind us, traders made their return but control of the market has not yet been decided. The best of the action came in the Dow Jones Industrial Average as it broke resistance of the potential 'double top' on higher volume accumulation. Technicals are net positive and the index is making a relative gain to its peers. Will this strength feed into the S&P?
The S&P had already emerged from its trading range and has been consolidating its breakout. However, today's action ranked as confirmed distribution - although the point loss was relatively minor, but it did lead to a 'sell' trigger in On-Balance-Volume.
You've now read my opinion, next read Douglas' blog.
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