Intermarket divergences were alive and well today. The SPY held at Friday’s low. The IWM sold off on good volume, and the QQQ held above important intermediate term support. This leaves us at the lower extreme of a rotational pattern and in a shorter-term rotation at that lower extreme. A break of today’s low could suggest a breakout in multiple timeframes. A break above the high suggests a possible rotation back up to the recent highs.