It feels like we haven’t had two back-to-back down days in the market for ages, but we might just get one today. Let’s first take a look at overall momentum.
The /ES, shown below, blasted off like a SpaceX rocket after Liberation Day (first arrow), then its ascent began to mellow (second arrow) and, most recently, seems to have mellowed into a virtual flatline. The failure of the most recent trendline is also an important tell that things are weakening in equity-land.
