The 20-day moving averages of the major indexes (blue line) will test the conviction of sellers. The Bull easily reclaimed these marks yesterday with a steady pack of leaders that won’t die easy. More on this later.

So, the Bull is still very much in this game as long as its leaders continue to ramble higher. Though the onslaught of institutional grade selling we’ve seen the past couple of weeks threatens like a storm cloud on the horizon.

Bulls want to see this selling dry up here. If we see that, we’ll change our Seller’s Edge bias.