Today the Nasdaq put in its highest volume day of 2006 (according to TeleChart's data, not the StockCharts chart below) as it made another new intraday low for the year and then rebounded. The S&P dropped into negative territory for 2006 intraday but was able to bounce back and close less than a point above its 200-day moving average.
So was this the big washout? Has the last weak bull given up? I have no idea but I doubt that we'll see much money being put to work ahead of the long weekend. I imagine a lot of players, especially the fast-money types, are winding down (getting flat) for the weekend.
There's not much new in the charts. The market is still oversold (T2108 is now at 19.93 today) and apparently primed for a snapback rally that never seems to come.
