Market Internals Continue To Weaken

While today was a low price range day, the Market Internals continued to decline, especially the percentage of stocks above their 50-day moving averages. The percentage of stocks above their 200-day moving averages are declining as well. Intermarket divergences still exist and are becoming more pronounced. While the Market internals can change to support price, it is concerning to see the divergences that exist and to anticipate a continuation of the up-trend’s viability. This means caution is warranted.

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