Today’s high volume down day showed some distribution on the NYSE Composite Index (NYA). Price did not make it back to the mid October spike high but has cleared other highs since that time. A pullback to the 6250 level makes sense in the current overbought market state. The volume differential continues higher showing strength.
The Nasdaq Composite (COMPQ) also was down on slightly higher volume. A pullback to 1875-1900 area would be a very good thing… assuming the volume stays reasonably low.
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Tags: Distribution Day · Nasdaq Charts (IXIC) · New York Stock Exchange (NYSE)No Comments
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