Highlights
- We have been closely monitoring the quality of market action as the S&P scores new highs, and we don't like what we see.
- Despite the S&P's apparent resilience, the Risk Gauge is downticking, most stocks are still in a short-term downtrend, and leadership is rotating pretty clearly towards defensive MOTR Groups.
- While deteriorating at the margin, we still haven't yet seen enough fragility to suggest that selling will trigger more. . .
