The market gapped up and had a solid morning, adding 18 points at its midday peak, however, the afternoon was plagued by a wave of selling which shed over 20 points resulting in a negative close for the day. Volume was average but greater than Friday so this counts as a distribution day. The SOX was the strongest tech sector and managed to keep 1.1% of its morning gains despite the afternoon selloff. Looking at the 60 minute view, it appears that the market is retesting its breakout point. As long as it observes its trendline as support, we are still in a bullish mode. Today's NDX winners were JOYG, CHIR, and BRCM. Topping the losers list were AMLN, SNDK, and URBN.
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