The markets made a big move higher but volume fell as professionals aren’t buying anymore. Once again, it is still a positive thing that the indexes are holding their support level, but it’s never a good sign when volume falls on advances and increases during falls.

One of the major indications of an impending trend change is a breakdown of the market leaders. Netflix (NFLX) has been a leader for a while now but is showing signs of professional selling as it fell below its 50 day moving average. Here’s a chart:

In other news, oil looks to have just taken break from the advance, but it looks like that is just a rest on the way higher. Gold is also acting similar.

Personally, I like to see a breakout lower before declaring the market is in a correction, but I’d say IBD knows more than I do and today’s gains present a nice opportunity to get a nice price on a short. Have a great Wednesday!