May 10 market outlook: is the stock market ready to turn?

Some signs that the market is ready to turn down.

1. oil and XLE have rallied to the top of their range already. the downtrend channel is still intact.
2. the tech sector was strong over the past 2 weeks. there is weakness in the tech sector's breadth.
3. if the trump-russia allegations do turn out to be true, expect a big correction like August 1974. (I'm not sure if the allegations are true or not).

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Submitted May 10, 2017 at 04:24PM by markethistory http://ift.tt/2r3ise2