• The S&P 500® had a volatile day where it opened at new 3-month highs only to sell off strongly late morning but then closed well off its lows; it was down 0.39% by the end of the day
• All four major U.S. equity indices continue to have strongly bullish Market Forecast intermediate postures but some bearishness in the short term wouldn’t be unheard of considering the length of the current move and some of the hanging man and bearish engulfing candlestick patterns
• None of the four major U.S. equity indices currently have a “3 Green Arrows” signal nor a “3 Red Arrows” signal
• The Russell 2000 is now the only major U.S. equity index with a “golden cross” when using the 10 week exponential moving average versus the 40 week exponential moving average
• Ratio chart analysis suggests the market continues to be tilted towards a “risk-on” mentality despite today’s hiccup
• Growth stocks have had a nice upward move versus value stocks over the past week and a half
• Emerging markets are one area that a bullish market would likely prefer greater strength since they continue to underperform developed foreign markets on a relative basis
• Yield curve analysis reminds us that yields are still jumbled up in the mid part of the curve, but the widely-tracked 10yr-2yr Treasury yield spread remains positive even if it has continued to flatten over the last several months
• Materials and Real Estate were the largest upside winners today from a sector perspective; Health Care stocks lagged
• Our trade application example was a neutral strategy that focused on selling an iron condor on Amgen (AMGN) because it has been range-bound for the last few months

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