Both the SPYs and the QQQs are right at support. Both also have MACDs are are close to giving sell signals. In addition, the SPYs MACD shows that momentum is slowing. Combine that that with this:
The transports are moving lower in a disciplined manner, approaching late October highs.
In short it appears that the market is moving closer to a disciplined correction.
The IWMs are moving in a sideways consolidation with a declining MACD.
Add to all that the following charts from Bespoke investment group, shows that sectors are filled with stocks in an over sold position.
Let me add this to sum up: I still think we're in an upward moving market. However, I also think we're closing in on a short-term correction.
