Stock Indices Test Important Resistance On Falling Volume

The Stock Indices continued their gains from yesterday. Breadth continued to be strong, and net volume was positive for the first time in several days. However, total volume in both the NYSE and NASDQ continued to collapse. The Indices reached an overbought condition today, which could suggest some type of pause or rotation lower tomorrow, however, they are not at an extreme so more upside is possible. Breaking through resistance will be a major step forward, but total volume is very concerning. Volume is even declining in SPY, QQQ, and IWM.

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