As I pointed to yesterday, there had yet to be any significant selling hitting the tape. That changed slightly today as the selling into the close sticks out like a sore thumb.
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| Selling Pressure |
While obvious, the significance remains to be seen. An under the surface correction has been the theme over the past month but the waters have been mostly placid. Seeing some selling ripple the surface and a pullback on the indexes would be neither unexpected nor out of the ordinary. Should a series of larger selling days begin to follow in the near term and further distribution hits the tape then reassessment will clearly be in order.
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