Will Tamplin is watching the slope of the 20-day moving average on the SPX, and explains the market moves that would increase “downside risk.” He would reduce “higher beta” positions like Microsoft (MSFT) and Nvidia (NVDA) and increase fixed income holdings in anticipation of a normal September pullback. In general, he is looking for a reaction that does “something positive or negative to the technical picture” with the SPX in a “short term holding pattern.”