Stock indexes continue lower

Not much to show on any new charts. The stock index trends and momentum are clearly to the downside. The advance/decline ratio continues to be very week and seems to be leading the way down, indicating broad participation to the downside. The recent rally was accomplished on diminished volume. And now the seeming resumption of the downtrend seems to be happening on even lighter volume. The easy answer to the light volume is summer, but new information can cause volume to increase at any time of year. And markets can drift lower on diminishing volume. Bulls might view the light volume as bullish if any rebound is accompanied by increasing volume, should that occur. At least now there are some well defined pivot points above and below the current price as points to test. These pivots are more clearly defined on the S&P than the Nasdaq. I’ll post a chart tomorrow.

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