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The Tell: The stock market has been losing its grip on rallies at 3 distinct times during the day

Unfortunately for investors, the market hasn’t been able to hold on to early gains lately. What used to be a trend of late-session buying — a trend that had emerged in the wake of the U.K.’s decision to exit from the European Union on June 23 — has morphed into a pattern of selling.

The following intraday charts from Bespoke Investment Group show that stocks have been fading into the close more times than not.

Source: Bespoke Investment Group

Stocks have been selling into the close lately.

During the period dating from Aug. 16 to Oct. 17, in blue (see the top chart above), the S&P 500 index SPX, +0.62% has given up its gains, rather than rallying toward the end of the session, demarcated in green.

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