Indices fail in their first Advance - A Second is in the Making
Tuesday's action marked the failure for the first challenge of the April swing high; volume climbed to register as distribution as profit takers struck the market in force. Today saw some stabilization of these losses, but buying volume was down on recent selling, so it remains to be seen if this is the making of something more substantial. The S&P is lingering around its 20-day MA. Today's buying ranked as a bullish piercing pattern but the strength of this candlestick requires an oversold condition, which is not the case here.There is also the MACD trigger 'sell' to consider, although other technicals are bullish.