S&P 500 opened with a spike only to lose steam, as tech retreated no matter what Big Tech did, and junk corporate bonds slowly deflated too. Those initially strong rotations back into prior stars (XLK, XLC, XLU) gave way, and supportive XLV was likewise affected. The rally didn‘t last, and stock bulls were warned with a shot across the bow – on low volume, with merely pausing certain market breadth characteristics. This isn‘t yet the top, simply put, but we‘re slowly getting there. Sure, we have seen fine improvements in stocks trading above their 50-day moving averages, and former greatest la…

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