Equities vs. Reality: Systematic Buying Moderates as Credit, Oil, and Bonds Flash Caution

While keeping in mind that “A day is not a trend”, it is notable that equity momentum slowed markedly today. This deceleration followed negative 3C divergences that appeared in the Nasdaq on Tuesday and the S&P 500 on Wednesday. The 3C update this afternoon reinforced the picture, revealing newly forming negative divergences in mega-caps along…