S&P 500 short squeeze attempt ran into a brick wall in the second half of the regular session as narrow market leadership took its toll on the high betas – industrials, materials and Russell 2000 felt the heat (unable to keep intraday gains) as tech played the stock market safe haven role. Crucially, not even relatively flat S&P 500 showing could prevent key market breadth metrics from further deteriorating. As I say, markets are most vulnerable at their narrowest, and this is definitely such a case – after making it almost to my 4,209 target yesterday. The (fundamental, realistic) clouds are …

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