Tuesday was another sleepy summer session. Not as bad as Monday which smelled like an August three-day weekend. The one thing of note though was that the NASDAQ spun its wheels around its all-time high. This isn't alarming. The NASDAQ has taken more than 16 years getting back to this level.
That did, however, make it a distribution day on the NASDAQ. The total distribution days are manageable on both the NASDAQ and S&P500.
Wednesday's open was up but sellers quickly took charge.
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