Indices Post Key Reversal Day

The Indices opened strong this morning but failed to hold the gains as seller stepped in and brought them lower for the balance of the day. Intermarket divergences still exist, and as you will see in the Briefing, the Market internals continue to decline. Volume today was higher, suggesting sellers were brought in as upper Key Reference Areas were tested at the open. What happens on Monday could give us an indication of the next intermediate term move. It will be nice to see vertical development in one direction or the other instead of the short-range days we have experienced over the last two weeks.

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