I’ll classify today as a consolidation day. The buyers tried to build on yesterday’s late strength but were unable to sustain the early move above yesterday’s high on the S&P 500. The Nasdaq never even made it above yesterday’s high. It has an inside day today and closed on its 200-day moving average. The Naz has been down for six days in a row now. It seems like it has to bounce here but the sellers don’t seem to be letting up at all. I think the Nasdaq needs one of those hideous capitulation days to flush out the sellers.
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