Back where we started
The market essentially finished the day about where it had opened. The SPX fell -0.4% while the Nasdaq declined -1.0%. Volume rose on both exchanges, making for the 2nd consecutive distribution day.
The market is still working off that overbought condition. I suspect it could bounce and then come back down again, which would offer a more attractive entry point. If the market is then unable to get back to new highs, it could indicate a more prolonged correction is in order.
But we need to take it one step at a time, and guage the price/volume action day-by-day. The put/call ratio hit the 1.0 level today for the fist time in quite a while. A rebuilding of bearish sentiment would help support any future rally attempt.
Gotta hop and listen to EBAY. Have a great night--