Saved by the Bell

The market rallied into the close to save itself from another bad day. The action still was not great, but the SPX never broke below Friday's low. Volume also contracted from Friday's levels.

The big negative was the price action in the former leaders (see below). The market could turn abruptly higher at any point, providing a quick ending to this correction. But barring such a surprise turnaround, I think the market needs to put in some more time consolidating.

The sentiment indicators I follow are still mostly in neutral territory. So you can expect that any future market declines will be met with increasing levels of pessimism, and that will help the market find a bottom.

Have a great night--