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Despite positive breadth, today's price action has caused some damage

A bit more than 2 hours remaining.   S&P remains lower, though off early lows.. while NASDAQ suffering the brunt of today's selling along with Emerging mkts as the US Dollar rally continues to gain traction-  Yields have begun to turn lower ever so slowly.. while the Defensive sectors are all outperforming today-  Staples, Utilities, Telecom and Real Estate- while ENERGY continues to be the top performing sector in the short run and stands to lead all other sectors in September performance-  Given Energy's rally. breadth is not nearly as negative as might have been expected. Both Advancers/Decliners positive while VOLUME also positive today in UP vs DOWN stocks-  However, some damaging technical price action today with NDX breaking the trend from July and S&P also getting below 2492 was important and negative and despite some snapback attempt.  Nothing really has been accomplished that's all that positive .    CRUDE OIL's gains continuing to show positive followthrough, while the Metals attempting to rebound after getting down to initial support-  Overall, no change in outlook based on today-  The trend showed signs of cracking LAST week, ahead of North Korea..  and if anything this just adds to the negatives in the short run-   The lack of negative breadth doesn't always lead one to think this is a false move.. but has to be watched carefully as FANG stocks continuing to weaken and AAPL not yet at levels to buy-  Let me know if you have any questions

 

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