I wrote yesterday, that “...S&P 500 is above its lower trendline and there’s plenty of room for it to run before the upper trendline. I may add to my stock allocation Wednesday.” As it turns out, I won’t be adding to stocks today.
Breadth is continuing to weaken. The 10-dMA of advancing issues on the NYSE fell below 50% today and my Market Internals ensemble switched to SELL.
That’s as of noon, so there could always be improvements to internals by the time markets close, but I won’t add to stocks today in any event.
