Market Internals Weaken

While today was not that impulsive in terms of price development to the downside, the internals are very weak and weakening. Short-term the Market is oversold. Therefore, a possible pause or rotation up may be in order to work off some of the oversold condition. However, based on today’s price development and price structure, the bearish price pattern is slowly becoming a very real possibility. Watch for a lower low tomorrow on stronger breadth. That will indicate a possible pause. If not, we may be in for a good move lower.

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