Below is the link to today’s Briefing. Today’s move lower could be the beginning of something greater to the downside. However, the Russell and NYSE did not confirm the move in the S&P and NASDAQ. While the market internals did appear to support the move lower, they did not reach a point where I could say the move was impulsive from a structure perspective. Certainly it was impulsive in price, but price needs to be supported by the internals. That said, there is the possibility the Indices are building up to a much greater move lower. Trading below 2020 in the S&P and then below 1980 will confirm a greater degree move down. Otherwise, they are still in a countertrend rotation and a basic “pause” in the initial move down.
Tomorrow’s trading will give us more information to make a higher probability analysis.