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Yesterday was the last day of the quarter and, as usual, institutions were positioning some stocks that already had gains, a practice that Wall Street calls "prettying up portfolios."
But the last 45 minutes of trading may have revealed the true trend, as sellers drove the Dow down more than 115 points on the highest volume of the day.
The good news was that the major indices managed to hold above their respective 20-day moving average lines. But the S&P 500 failed to hold the 800 level, and many technicians felt that it was necessary to stay above that "psychological number" if the rally was to continue.
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