The large block trade activity seen late last week on our Block Trades page served to save the market from further decline today, as a strong start off the open slowly reversed over the next few hours, with $ weighted buying pressure and breath going negative. The afternoon session saw a 50+ point decline on the NQ100 but less so on SPX, with RUT ending the day green.
Markets may have topped today, but usually in a shortened holiday week we will get range days rather than trend. Price action should clarify the direction soon enough, whether this is the start of a bigger down move or if the block trade volume saved the markets in preparation for another rally. Breadth will tell the tale shortly