Breadth divergences make a good case for an upcoming low

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Recent US Equity selling pressure is ongoing, and trends have not turned back higher as quickly as factors like sentiment and wave structure have suggested could be the case. While it’s expected that market lows should be right around the corner, it’s important to be patient until this does happen in a manner that helps to add conviction. Short-term momentum has gotten oversold and many key large-cap Tech stocks look to be at/near support. Furthermore, Treasury yields and the US Dollar have been breaking down sharply, which is viewed as a constructive development for US risk assets. Moreover, sentiment has continued to grow more and more negative, given the constant rhetoric regarding tariffs and/or a growth slowdown, yet the Magnificent 7 looks to be trading near support. Finally, market cycles seem to make the case for a bottom in SPX by next Friday, 3/14/25, at the latest. However, some evidence of breaking the current downtrend is necessary before having much confidence.

Break to new lows likely postpones low for a bit longer, and seeing some strength is necessary at this point

Bottom line, it remains difficult to try to make a stand at this point with no meaningful evidence of any trend impro...
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