End of month window dressing seems to be absent in today's trade, though could come closer to the close. According to our volume tallies, today's volume is most likely higher than yesterday's volume, thus would be a distribution day if volume levels hold. This would make today part of the rolling 5-day distribution day period. Due to the current price/volume structure of the major indices and leading stocks, the model has switched back to cash.
The model may switch from a cash to a sell signal if today is indeed a distribution day, and today's low is broken in the days ahead.
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