On Tuesday we noted that market breadth started correcting, which is the precursor for a sideways/down phase in the SPX. However, leave it to WS to come up with sexy sounding explanations for what's happening in the markets:
In any case, market breadth continued deteriorating and, at this rate, it needs two more days to reach oversold levels:
For the time being, the SPX remains glued to the R2 weekly pivot level: