Markets broke down below their respective 21EMAs this week as the shaky breadth finally resolved to the downside and reflected in the indexes. The small handful of leaders propping up the broader market couldn’t last forever. The early crop of companies reporting earnings seems to be positive in aggregate, especially the mega-caps like MSFT (+7% today) and META (+12% AH), but that hasn’t yet translated to positivity in the broader market. In fact, the opposite: net lows accelerated today.
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