No surprise to see sellers step in and take profits with markets at or near all-time highs. The S&P remains at channel resistance with 2,553 still a stop level for potential shorts. Volume was light so there was no real conviction to the selling.
The Tech averages experienced regular selling without proximity to resistance or higher volume distribution. Technicals are in good shape with Tech indices outperforming Large Cap stocks.
The Russell 2000 experienced slightly bigger selling than the Nasdaq or S&P but there is still a long way to go before the first level of support is tested.
The Dow was the only index to experience higher volume distribution while experiencing the narrowest range on the day; a straight profit take.
For tomorrow, watch for additional profit taking on light volume – anything else (bar upside!) may prove worrying.
