This week the Stock Indices spent the entire time in a rotational pattern, as you will see in the Briefing. Coming into this week, the intermarket divergences continued and the internals of the market were extremely weak. This lead to a higher probability of some type of rotation lower. The rotation occurred but with not much price depreciation. Normally, the intermarket divergences coupled with the weak internals would lead to a healthy decline. Simply put, there is no selling pressure.
Without the intermarket resolutions or internal strengthening, we can only look to short-term support and resistance levels and determine possible breakout moves from these levels.