SPX is now sitting back to the 200ma, a critical juncture for bulls. Though prices has not make a lower low (880 region), momentum already goes before the price. Checked the chart below. Also, negative divergence will leads to further pullback.
Also you guys have witnessed our intraday wave count and where we are now in the market. After this short-lived corrective wave is done, we will see sharp selloff coming.
Let’s take a quick look at the sectors. you may easily identify three strong white bars out of nine sectors below, right? All of them are defensive sectors! big money is looking for safety now and this rally won’t go anywhere.
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