Stock Indices Grind Lower On Deteriorating Internals

The Stock Indices declined today, after attempting to breakout higher. While the previous two days saw the internals of the market strengthen, that was reversed in today’s trading. Tomorrow the markets are closed, therefore today was typically a lower volume day. The SPY and QQQ are testing short-term support. If that is broken and closed below, it will suggest the potential for a greater degree time and price decline. If it holds, expect rotation back up to test resistance. Unfortunately, we are in a rotational pattern. Once support or resistance is broken, it should be a good move.

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