Slow breadth deterioration

In last 30 days this is rare back to back 3 day down move. Market has bounced back repeatedly from 2-3 day selling. So if we get 4 days weakness that will tell you change of market character.

The breadth had a slow deterioration so any more selling can put it firmly in bearish territory. That will make shorting preferred strategy.

This weekend IBD had good analysis of market action in big picture column. That sums up the conditions well.

As of now market is down around 4.5% from recent high. There is no immediate catalyst in sight. Next earnings season is in July.

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