Trend remains up but breaks hint at continued retracement

In reviewing our Market Tour on Stockcharts.com, it has become evident that major indices are testing EMA 34 support (our preferred intermediate-term moving average) and breadth is declining to levels where SPX and Nasdaq retracements have ended. While jittery traders (and investors) take the opportunity to lock in profits, we plan to add to longs following some further shake-out in the equity markets over the very near term.