Intermarket Divergences Reverse. Internals Remain Strong

While the NASDAQ had a pretty good down day today, the S&P was slightly lower, but the Russell continued higher. This is the reverse of what we have been seeing in the past. Breadth was positive and other internals continued to strengthen. Volume increased on the move lower. It will be very interesting tomorrow to see if there is follow-through in the NASDAQ or if today was simply a countertrend rotation.

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