Similar to January 16 the market today recorded negative breadth today across NYSE and Nasdaq markets— more stocks made new lows vs new highs. $S&P 500(.SPX)$ $NASDAQ(.IXIC)$
If the S&P 500 trades below 4850 while breadth remains negative it spells an imminent decline. Both conditions (1) negative breadth and (2) loss of the short term moving average are needed for decline risk to elevate. January 16 was 1 of 2 and breadth flipped positive the next day.
A thought to keep in mind throughout the week.
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