With the 30+ years of being on the buyside and to focus on the intermediate to long-term structure on individual stocks and market indices, I find the S&P 500 Index (and others) to be in a short-term malaise.
Market internals are getting weaker with more signs of divergence with large-cap technology stocks.
Also, the failing structure of industrials and/or financials is concerning.
I am closing out our short-term long position in the S&P 500 and going short again.
If the S&P 500 is unable to hold the MFU-3 level at 2818, this would open the downside to more weakness and larger targets based on the weekly time-frame. Caution is warranted short-term.
The author may have positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
