Bears Take The Iniative
There wasn't a whole lot to today's action. The coiling action unwound with a relatively unconvincing push down. There was no significant break of support or move out of prior consolidations for major indices. Volume climbed in confirmed distribution. The S&P is resting on rising support having edged an intraday break of such support. Technicals are as they were yesterday with a 'buy' in Stochastics and MACD and a 'sell' in On-Balance-Volume and Directional Indicator.