Major averages finished down to flat Friday on higher volume, adding yet another distribution day onto the NASDAQ Composite, though financials came out ahead.
Disappointing earnings from tech juggernauts such as GOOG and MSFT kept the NASDAQ in the red all day. Despite the lackluster showing on the major averages, NYSE adv/dec came in 2:1 and NASDAQ came in 16:10. Still, the number of quality actionable stocks remains slim while leading stocks continue to come under fire.
The Dow and S&P 500 are coming up against old highs which can serve as resistance much as they did in 2015, so reversals of some magnitude can occur.
The Federal Open Market Committee will announce its latest rate decision after a two-day meeting on Wednesday at 2pm ET. Given Yellen's position on keeping a close eye on the global economy which remains in a funk, rates are likely to stay put. Her testimony will be closely monitored for any change in language regarding any additional rate hikes this year.
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