Consolidation or Top Forming

There's not a lot of buying strength in this market.

Good Morning:

Markets opened on the back foot this morning as fresh growth warnings and rising global bond stress dragged sentiment lower.

The Organization for Economic Cooperation and Development (OECD), a global policy group based in Paris, cut its growth forecast again, citing rising trade friction and falling business confidence. These headlines rarely move U.S. markets, but the fact that they are now doing so highlights just how fragile the current environment is.

Traders are watching bond auctions in Japan.

A strong bid for 10-year debt temporarily relieved some, but attention now shifts to Thursday’s 30-year sale, which carries more risk. The need to monitor events halfway around the world is another sign of how unsteady sentiment has become.

Momentum softened overnight, with our pressure meter pulling back to -4 as breakdowns outpaced breakouts. (This is intraday… It’s not the Daily Reading, and we are still well below the 20-day moving average on the FNGD.

A few more names have …