Heavy volume on the major indexes gave us a mixed bag of Accumulation and Distribution days.
Rather than look at the volume bars on the indexes, we’re going to count actual up volume vs. down volume to avoid any misinterpretations in today’s schizo trading.
As far as the Nasdaq and Amex are concerned volume clearly favored the Sellers, making it an undeniable Distribution day.
But as for the NYSE, it was the buyers who put up the dominant hand.
We’re going to shift our bias to Seller’s Edge with all key benchmarks trading under their major moving averages.