Below are a few breadth charts that I’m keeping a close eye on that can potentially be actionable in the short term if price confirms it. The first step would be a lower low in the $SPY on the 30-minute chart ($203.98).

Here you have the Russell 2000 vs. the 5-day moving average of the net number of 1-month highs minus 1-month lows.

Russell 2000 vs., stocks above their 20-day moving average.

SP-500 vs. the average SP-500 stock above their 3,5, and 10-day moving average.
The above charts all show a small slow down in the participation of individual names versus the SP-500 and Russell 2000.  This is not actionable on a stand-alone basis if price does not confirm it.  The first thing to look for is a lower low in the SPY followed by a lower high.
My opinion and outlook are subject to change as new information comes in. 

Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at or 646-480-7463.


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