In Wednesday’s Briefing I discussed the development of price of the Stock Indices in multiple timeframes. I also suggested from a technical perspective, it appeared the Indices still had more downside work to accomplish. That occurred in the last two trading days. However, the internal structure of the move lower has not weakened. The only divergence at Friday’s low was an intermarket divergence between the S&P, NASDAQ and the Russell, Transports. It is difficult to know in which direction intermarket divergences will be resolved, but the Indices closed at the high of the day, suggesting there may be some additional upside work to accomplish before another thrust lower. Breadth, Volume and New Lows are all confirming the trend lower for now.