We are getting a bounce from a short term oversold condition, but if the market is truly under distribution, a one or two day bounce will fail abruptly and the indexes will make new lows. The market's technical condition weakened yesterday as the major indexes broke below short-term support. Volume was lighter than the previous session on both exchanges, avoiding additional distribution. However, the weakness beneath the indexes was more pronounced. The expanding weakness is important because it suggests the pressure is no longer confined to narrow areas of the market. Pockets of strength included: Energy up 1.5% the strongest major sector over the past five sessions, advancing 2.6%. Oil & Gas groups continue to populate the leadership ranks, along with Coal. Software remains a notable
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