SPX appears to have been rejected at the 20 SMA yesterday with downside follow through today. Breadth was -92%. That could be enough to kick start a move to retest the low.
The futures show a double top pattern and are currently testing the low in the middle. The bulls still have a chance to rally the market here, but I think they must show up tomorrow in force.
The virus case news is only going to get worse for the next few weeks according to the experts. The economic data is clearly going to get worse. The only good news I can see for the market would be related to treatment of the virus. I have no idea how to analyze that. Does the market have a clue how to analyze that? The bulls need to prove they area willing to step up and buy or the market is headed lower. We will see if they are up for the task tomorrow or not.
Peace and good health to all. Stay home and stay safe.
Bob
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