I was surprised to read in IBDs "The Big Picture" this morning that "The lack of trading interest made the decline less damaging to the overall picture than it otherwise may have been."
In order to reach this conclusion, the editors are only looking at the volume in relation to Friday's volume, and indeed it was less. However, Friday was an opex day and volume is typically skewed higher. Excluding Friday, Monday's volume was the second highest in June. That, together with the fact that NYSE advancers were 2733 and decliners were 360, almost 8 to 1 negative, should clearly mark Monday as a distribution day raising the count to 4 for the NYSE, Nasdaq and SP500. Therefore, the next distribution day would be 5 and possibly signify a market in correction per IBDs method.
This demonstrates why it is so important for each trader to completely understand the method they are using and not to just blindly follow trading signals.