MichaelGLamothe

Slightly heavier volume gives us another round of distribution

FX:SPX500   S&P 500 index of US listed shares
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Monday's rebound was impressive but today's sell off negated much of it. The distribution day count on the S&P 500             continues to climb and currently stands at 7 over the past 25 trading days (see daily chart , each distribution day is labeled).

For now, I see the zone around 2140 as being an important line in the sand. Looking at the weekly chart it served as an important level of resistance for a little over a year from May 2015 to July 2016. It began to act as support in August but last week it failed and continued to weaken today.

The good news is that a number of leaders are still holding up and continuing to set up. A few on the radar include ACIA             , FB             , EBAY             , AMBA             , NVDA             , YDKN to name a few...
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