Todays about face is a real negative for the upcoming 2-3 weeks. While a bit extended today towards the lows, its likely this will lead to a test and break of April lows in my opinion, Technically
Breadth has not been that strongly negative though at around 2/1 and volume, which had been positive up until two hours ago. Is now negative to the tune of around 3/2
Dollar has turned back lower, and Precious metals are bouncing. US 10yr yields have stalled out just under 3%, but the yield curve is steepening up to 51 bps
Utilities, Telecom, REITS are the positives while Industrials, Materials down over 2%, and Energy has reversed to negative 1%, while Discretionary and TECH are both down under 1.5%.
Financials holding up a bit more positively today. Or less negatively. But have still underperformed
OVERALL, Trends which turned negative late last week, have begun to accelerate, and a defensive stance is necessary- the area near 2600 looks important initially and then 2550-60, and would use rallies back over 2645 to sell into this, expecting we’ll see further downturn into early May