The Bull is out of gas. Pretty much everyone should be calling for a test of the 50-day moving average.

The more important question is how far we’ll go down. We’ll call it day-by-day as we see it. Nothing appears to be deteriorating to Bear market status. We’re more likely to see a bit of sideways action from the broader market with no collapse of leadership from key stocks threatening the scene.

This is where we are until we have reason to believe otherwise.