11am update - an exhausted market

Despite the good retail data, you can smell the problem in the market right now, its exhaustion. I'd seek a red close.


sp'daily5

Summary

Underlying momentum continues to weaken. Yet it has to be said, we have of course put in yet another higher high today.

This remains a lousy market for the bears, but there is no doubt, even the algo-bots who have been melting prices higher..seem tired too.