Stock Indices May Have Completed A Countertrend Move

As you will see in the Briefing, and as I have been discussing this week, the Indices may be in the process of completing the second leg of a three-step countertrend rotation. The development of price in multiple timeframes suggests there may be more downside work to be completed. If that is the case, I have outlined short-term support levels that if broken will offer a higher probability of a continuing downward move. On the other hand, the internals have been weak and weakening. If there is a breakout to the upside, and the internals strengthen, that would raise the probability the countertrend rotation is complete.

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