Below is the link to today’s Briefing. It is important to understand both the development and structure of any financial instrument. The current rally is developing higher but on a very weak structure. This suggests that, unless the structure strengthens, there will be some type of rotation down. How that rotation develops will tell us a lot about the degree and timeframe of the rotation. Today’s move lower in the Indices has the appearances of a structure for a move lower. However, from a development perspective, it did not close below important support. That leaves a large question as to whether this is the beginning of a longer term rotation lower. The signal for that will be closing below 2100 in the S&P and seeing the short term structure of that move increase in strength. So far, neither has happened. But, it will be important to watch for that occurrence in the coming days.