Over the intermediate term the market may turn south, which is confirmed by $CPCE and N vs N rule. Today the market dropped so much that the gain in the last week has been completely wiped out, and SPX is trading in the range of the fifth up week. On the daily chart, MACD almost give a sell signal.
XLF also declined sharply. Keep an eye on the downtrend line on SKF hourly, it will likely break out in the coming days.
The downtrend of the crude oil may have started.
ES is oversold at the moment but more selloff will come after the rebound.
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