Short-term Warning: Nasdaq Stages "Churn" Day
On Thursday, 21 January, the Nasdaq Composite staged a "churn" day where volume is higher, but price closes near the opening price; so intraday, the bulls and bears were about even in strength. A churn day that occurs when momentum (RSI-4) is overbought can warn of a potential short-term high. The interpretation of a churn day is that there is "selling into strength."