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A Much different equity market than a few months ago.

Certainly a MUCH different Equity market these days than a few months ago.. and we've seen evidence of the sharp pullback now into mid-Feb which is struggling to make headway back higher and regain 61% of prior decline-  Transports meanwhile are not keeping up, and Technology, despite some near-term progress, has waned a bit also_  Breadth on this bounce has been far weaker than the decline and we still have less than 50% of all SPX stocks above their 50-day ma.   Tech has helped to buoy prices thus far, but how long can this last if others cannot participate?  Sentiment seems to have jumped far too much on this minor bounce, while momentum remains negative on weekly charts after one of the largest pullbacks from Overbought territory ever seen, with weekly RSI plunging from 90 down to 50.   Any subsequent rally back to highs will likely NOT see momentum equal this prior peak, thus setting the stage for the negative divergence and subsequent breadth dropoff which typically precedes larger declines in the Summer/Fall-  At present.. trends from last August have been recaptured..  but it pays to be very selective here and counter-trend signs of exhaustion on Semis/SOX/TECH will arrive by end of week-