The S&P 500 gapped down 6 percent on June 11. We have since traded in a tight range underneath the recent high. We expect price action to eventually resolve to the downside, continuing the first proper correction since the March 23 low.


Total stock market volume continues to lag, which signifies a weak trend. Certain measures of investor sentiment have soared to record high levels. While we can’t be certain of the catalyst, we believe it won’t take a lot to tip the market over.  

There’s enough in the public realm that can unnerve investors:

1) America’s reopeni
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