Volatility Picks Up as Selling Volume Lightens
Intraday ranges were wide as indices struggled between building swing lows or selling off even more. By the close of today's business, indices were indicating lows are not in place and further declines are likely but these may be nothing more than spike lows (on yet another wide range day). Whatever happens, the investor `buy`signals are still in effect for the S&P and Russell 2000. The S&P experienced a 4% range between highs and lows as the relative performance continued to swing back to Small Cap stocks (after an extended period of outperformance from September). Sellers look to be exhausting themselves as volume took a significant drop.