Yesterday in the Stock Market, volume was higher across the board and well above average. Volume in the stock market is the footprints of the big institutional investors. There was distribution on all the major averages and clearly strong selling by large institutional players.
Another key issue is to watch the leading stocks….Look at Apple…SWKS, PANW, AMBA among others. The volume on these leaders was also above average to the down side.
The short term moving averages are turning back rally attempts. More negative is the failed rallies we have been seeing intraday as well as daily.
A rally attempt after a big decline that can’t even get above these resistance levels is pretty weak. As stated prior, watch the 200 day exponential moving average. This will show if the stock market can truly rally.
Watch the stock market volume…watch the 200 day exponential moving average….
I like watching from the sidelines at this moment…Less stress and no emotional toll.
I have a colleague who finished half a bottle of Vodka. At least it was Grey Goose!!!
I prefer my green tea..
Tweet This Post