Stock Indices Appear To Be In A Countertrend Move

As discussed in Friday’s Briefing, the Indices appear to be in a countertrend rotation. Based on Friday’s analysis, the more complex rotation does appear to be playing out. Breadth was negative today and volume continued to decline. All of this points to the rally being countertrend to the move down from the recent highs. While that can change, we need to be aware of the possibility of any additional rally becoming impulsive. As of today, that is not the case.

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