Well this was a fitting end to another choppy month. The indices appeared to be on the verge of breaking out yesterday but tonight they’re all well within their trading ranges. Even the Dow, which was leading the way, has slipped back under 11,000 and back into its old range. We had distribution days (higher volume selling) across the board today. It would be easy to blame the increased volume on Google but that wouldn’t explain the distribution in the S&P 500 nor the Dow. I won’t make too much of the distribution day though — the overall technical picture is still pretty good (if you’re a bull). I’m just looking forward to more range-bound trading in March. (not!)
Here are charts of the S&P, Nasdaq, QQQQ and Google:
