The S&P 500 is retracing to test its new support level at 2950. Bearish divergence on Twiggs Money Flow warns of (secondary) selling pressure. Breach of support would warn of a correction to test primary support at 2750.
Sector indexes are approaching a watershed moment, with Autos rallying to test their descending trendline.
Retail is also headed for a test of its rising trendline after making a new high.
Even Semiconductors have recovered to test their 2018 high at 1450.
I still believe it’s a good time to be cautious.
“Be fearful when others are greedy and greedy only when others are fearful.”
~ Warren Buffett
