After a V shaped recovery the market is witnessing breadth deterioration and sell pressure has increased.
In last 10 days we have had 3 big sell days as shown by 300 plus stocks down 4% plus. Many leaders from last few ears like PCLN, NFLX, TSLA, GOOG , and oil and gas stocks are under steady selling pressure. Healthcare related stocks have been holding up well.
T2108 the Worden indicator that looks at % of stocks above 40 day moving average is showing sharp decline after reaching 70% level.
Once again we are faced with divergence in breadth as indexes are near high. A pullback of few days to week looks likely.