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Hello fellow MarketSmiths, Friday's (6/28) action on the 0NDQC appears to me as stalling. Does anyone concur?
It doesn't matter since the market's in correction.
/distribution days don't count
It sure means it's highly probable we're on our way down some more, though!
Though we don't "count" distribution days during a correction, it does't mean they lose their relevance. Institutional selling is institutional selling. I agree with ma.mustillo, it supports the probability of a deeper correction, which is long overdue. 50 DMAs are starting to look like resistance rather than support/ Take profits where you can and protect capital. Brad
@Perry Mosentine, I recognize the health of the current market. I ask in the spirit of learning. The concept of stalling sometimes confuses people (self included), so it seems worth discussing from a technical perspective.
@ma.mustillo, @bjrad, I do concur with you both on the likelihood of further weakness.