The stock market indices suffered a sharp setback today with a big opening gap to the downside, which was followed by a rebound rally that failed. They rolled over, bounced a couple times, and did hold support, but closed at the session lows going away.
The Nasdaq is generally considered to be a leading indicator for the broad market. The Nasdaq has now come under institutional distribution six times in the past ten sessions.
The stock market indices marked time today. They did open sharply lower, but then bounced and basically moved back and forth in a coiling fashion on the Nasdaq 100.
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