Things got rough again for the market on Friday after a brief respite the day before. The indexes ended the week with a big-volume distribution day thanks to Russell Index rebalancing which exaggerated volume levels. Nevertheless, the action for both the indexes and leading stocks wasn’t good.
The NASDAQ Composite Index gave up the 10,000 level, along with the NASDAQ 100, on Friday, closing below its 20-dema on heavy index rebalancing volume. You are now three days off the peak with the 50-dma looming way down below.
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