The vulnerability of this market finally showed itself today after four days of positive gains; today the bulls tried to make it a fifth but was unable to hold its gains heading into the final hour. Now there are two ways to look at this 1) the markets had to pullback some today after the sustained gains it has seen of late, or 2) the bulls have exhausted their buying power, and now the shorts are ready to reload. Tomorrow will tell us exactly what it meant.
Had the market been flat throughout the day, then a day in the red even more then what we saw today, wouldn’t be at all startling, but the market was on a tear for much of the day, and was looking at a sure 2-3% day. But the selling kicked into high gear in the final hour and drove the market into the red. One of the more interesting results of today’s market was that the S&P saw strong volume but finished flat, while the Nasdaq finished 2% down on low volume.
Here’s the Nasdaq and S&P charts…
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