Stealth Selloff Watch: Wednesday Was Not As Neutral As It Looked

Stealth Fighter

An update on this idea that the market is breaking down internally, even as the big indices remain near highs.

BTIG’s Mike O’Rourke observers, regarding today’s action:

It was an extremely tight trading session today with the S&P 500 bouncing around in a small 38 basis point trading range. With the exception of a handful of days around the Christmas holiday last year, it was the smallest range since mid-April of 2010. Volume trailed off again as investors are likely just squaring away before the big number on Friday. One aspect of today’s performance that was interesting was the broadly weak break at the sector and industry level. Decliners led advancers in the Russell 3000 at a rate of 1.8 to 1, but at the sector level 9 of the 10 primary sectors closed in negative territory. Technology was the lone standout. At the Industry Group level, 19 of 24 settled lower.

For a broader roundup of what went down today, see here >

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