Slightly heavier volume gives us another round of distribution
Monday's rebound was impressive but today's sell off negated much of it. The distribution day count on the S&P 500 continues to climb and currently stands at 7 over the past 25 trading days (see daily chart, each distribution day is labeled).
For now, I see the zone around 2140 as being an important line in the sand. Looking at the weekly chart it served as an important level of resistance for a little over a year from May 2015 to July 2016. It began to act as support in August but last week it failed and continued to weaken today.
The good news is that a number of leaders are still holding up and continuing to set up. A few on the radar include ACIA, FB, EBAY, AMBA, NVDA, YDKN to name a few...
For now, I see the zone around 2140 as being an important line in the sand. Looking at the weekly chart it served as an important level of resistance for a little over a year from May 2015 to July 2016. It began to act as support in August but last week it failed and continued to weaken today.
The good news is that a number of leaders are still holding up and continuing to set up. A few on the radar include ACIA, FB, EBAY, AMBA, NVDA, YDKN to name a few...