If we look at the New York stock exchange stocks over the 200dma we can see a clear decline since May. Almost back to the October lows. This is extremely concerning. Until we see a rise in stocks over the 200dma we will continue to see failed breakouts. With that said the market has made a 1% move higher overnight on the ADP employment change numbers. However as you will see on the hourly and daily chart below it is now up against resistance. S&P futures need to get above 2105 and we may see some good trading opportunities on the long side. As long as it stays under 2105 and the stocks over the 200dma continues to fall, we will be mostly in cash. In the members section I look at a number of sectors and trade ideas for when the market conditions turn around so we are prepared to take advantage of trade opportunities. I look forward to seeing you as a member. Have a wonderful day!