Indices Eased Back on Gains on Monday
Indices eased back on recent gains, but nothing to raise a concern for the health of the broader rally.
It would be too easy to overplay the losses – especially given trading volume was light – so best to let it play out over the coming days.
The Nasdaq took a slightly bigger hit, probably because it hasn’t yet breached its prior high. Volume has been trading steadily downward since the February peak, so any surge at this point will likely kick start the direction of the next move.