Major averages closed flat to lower yesterday on higher volume. The NASDAQ Composite closed roughly flat at the high end of its trading range while the S&P 500 closed midbar, so if you're counting distribution days in the major indices, it would only apply to the S&P 500.
The trend is up but the pause we are witnessing is unsurprising as the market digests recent gains.
The Federal Reserve begins its two-day meeting today. Markets may trade quietly before their meeting concludes on Wednesday at 2 pm ET. The Fed will probably continue its dovish stance given all the economic uncertainties.
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