Happy Friday, everybody. Just a couple of quick S&P 500 charts to start off the day. First, please take note that the uptrend anchored to March 23rd was finally broken a few days ago. If nothing else, we can agree the sheer power of the counter-trend bounce has abated.
Secondly, and more subtly, compare the cash index with the advances/declines summation. Take special note of the declare divergence in trends, as the breadth of the lift of equities dissipates.
