I don't know about the "high volume" part
To me the volume seemed moderate (not high, not light) on COMPX and NDX the last three days, in approximately the same range of the volume during the June downswing, or maybe a little higher. And with the almost even length of the bars on NDX and slightly lower bar yesterday on COMPX, I don't think any of the last three days fits O'Neil's definition of a distribution day (except maybe yesterday on SPX only).
stockcharts.com[h,a]daclyyay[db][pb7!b17!f][vc60][iUb14!La12,26,9]&pref=G
stockcharts.com[h,a]daclyyay[db][pb7!b17!f][vc60][iUb14!La12,26,9]&pref=G
I'm not agreeing or disagreeing with the major point of your post, that this very well may be the top of the rally from March, but I don't think the last three days' volume is clearly supportive of that idea. |
