Sellers handed over another royal flush Monday. The smell of panic has set in with sell volume days steadily rising over the past three weeks. Distribution galore.
The 50-day averages have been convincingly taken out to the down side. Tech remains a relative strength pocket, but has crumbled, lending emphasis to the relative part of the equation.
Yes, we’re at Seller’s Edge now. Our bias has changed for the first time in more than a year. We could stay here a day or months. It all depends on what the market coughs up as evidence.