In particular, biotech, drugs and health care need to be watched closely in coming sessions.
Weak volume undermines bullish tone.
Continued strength into the close completed weekly reversals into resistance at last Friday’s highs.
The process of testing August lows continues, with follow-through buying pressure getting sold aggressively at new resistance levels.
Fasten your seat belts because the next few weeks may determine the fate of the seven-year bull market.
It probably won't ease until blue-chip indices head lower and test August lows.
And biotechs took another high-volume beating, dropping sector funds 6% to 7.5% into the August lows.
A testing of August lows could spike volatility among major funds while undermining buying interest in other high-beta sectors.
Still, it will take follow-through buying pressure to salvage this week’s tape.