S&P 500 flirted with 4,115 again after that great intraday HYG reversal portended downside volatility when cyclicals didn‘t really point higher. The day ended with a profound deterioration in market breadth. And unappealing sectoral overview. Tech upswing invited selling interest, while value and especially Russell 2000 turned strongly south. ES though had been relatively resilient given both manufacturing and retail sales hits, and today‘s data in housing weren‘t slated to bring a disaster. The figures are obviously more optimistic than they would have otherwise been if the market could clear…

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