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O'Neil's market phase from SPY and QQQ price and volume: distribution days, stalling days and follow-through days, with the equity exposure each phase suggests.
Institutional selling detected. 9 distribution days in the last 25 sessions (5 or more is the danger zone). Reduce exposure and tighten stops.
Market under heavy distribution. 5+ distribution days detected in last 25 sessions. O'Neil methodology signals high probability of market top. Reduce exposure.
5 or more in 25 sessions is the danger zone.
5 or more in 25 sessions is the danger zone.
Distribution day: the index drops more than 0.2% on higher volume than the previous day, a sign of institutional selling.
Stalling day: the index closes flat despite high volume, institutions selling into strength.
Follow-through day: day 4 or later of a rally attempt with a gain above 1.25% on higher volume. It confirms a new uptrend.
5 or more distribution days in 25 sessions means a high probability of a market top.