The three and ten day MAs of NYSE advancing issues have exceeded all previous downside extremes since the November low. This is a signal of a potential change in trend and at a minimum makes a more protracted retracement than any that we have seen since the November low likely.

1659 (basis cash) is now the most critical upper KRA. It should not be exceeded on any immediate bounce early next week if the indices are in the process of forming a larger degree corrective srtucture.

Bonds have signaled a long-term top may be in place. This obviously has important implications for many other markets as well.

More to follow this evening…..