Frank Cappelleri discusses key levels he’s watching on the charts of the S&P 500 Index (SPX), the relative strength between the small-cap Russell 2000 (RUT) and tech-heavy Nasdaq-100 (NDX) as well as in treasury yields. In the midst of a season with historically high volatility, the SPX is undergoing its biggest drawdown from all-time-highs this year. Cappelleri sees these lower highs as a bearish signal headed into another earnings season.
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