This is an excerpt from The Monster Stock Report from Sunday Evening.
On the other hand we have the S&P 500 doesn’t look too bad. Although the index has 5 distribution days its chart doesn’t scream “top” or signal a correction like the NASDAQ.
Friday’s distribution day certainly can be called “questionable” as it came on an options expiry. Although volume was higher it is difficult to extrapolate whether or not institutions were in fact selling. Here is the daily chart.
Another interesting development was the action in the VIX index. Sellers got complacent and as you can see the daily action certainly does not instill confidence in VIX bulls.
Disclosure: No Positions