The dollar is flat. Oil and copper are down. Gold and silver are down. Bonds are down.
The market continues to slowly deteriorate. I say slowly because the weakness has been minor, yet the internals suggest things are much worse than they appear on the surface.
Over the last 10 days the S&P has moved up 5 days and down 5 days and is approx. flat, yet the 10-day of the AD line is at its lowest level since early-November.
New highs are at their lowest level in four months even though the market is less than 2% from its high.
The Russell 2000 is one moderate down day from giving back all its gains on the year.
The McClellan Oscillator has dropped to its lowest level since early 2016. This is supposed to happen after an extended move down, not a very minor drop off all-time highs.
On the surface the S&P looks fine, but beneath the surface, the internals would tell us things are worse than what’s being reported by the main stream media.
Be careful out there.