Large Caps Signal Trouble
There was a shot across the bows from Large Cap indices as the consolidations which were playing out the last few weeks took a step south. For the S&P this amounted to a clear breakdown and the risk is further losses to take things back inside the 2,575-2,675 range; however, if this does occur I would look for further losses as the momentum which drove the initial advance fades. Not surprisingly, today's breakdown also came with technical 'sell' triggers for MACD, On-Balance-Volume and +DI/-DI