The indices opened higher, but faded late and the SPY ETF was turned back right at its 50 day EMA. The Nasdaq 100 printed a similar looking indecisive candle, but held above its 50 day EMA where it found support in Mondays session, as a well as previous price support near $170. Volume fell from Mondays levels as the indices posted inside days. Tuesdays bounce lacked some conviction, and with all major indices finishing well off their best levels, it was apparent there were plenty off traders willing to take more money off the table during todays advance. With distribution heavy as of late, we will be watching throughout the week to see if buyers get more aggressive near key support levels.
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