The Nasdaq finished yesterday lower by 1.12% while the SPX fell 1.07%. Both broke back below major support. This has been a hard market for both bulls and bears. I have been on the sidelines seeing if we could take out the prior highs with conviction…. The last 4 sessions have been ugly to say the least.

Volume was mixed yesterday with slightly higher on the New York and a bit lower on the Nasdaq. This produced another distribution day on the New York averages. Could this be another nail in the coffin of a tired bull market?

The Nasdaq has now lost all those gains of the prior week and are back in their previous trading ranges. We are in a trendless late cycle situation when making progress is very difficult. Frankly I don't think it is even worth playing around in this environment.