T2108 has been one of my favorite indicators for judging the current health of the market. 

For about a month and a half, stocks have been slipping under the surface. You can see that in the Russell, in particular, which has been in a steady decline that has matched the time frame of T2108’s decline. 

So it shouldn’t be any surprise that we are bouncing today. Even though the S&P 500 and Nasdaq are at or making new all-time highs, stocks as  a hole, have been selling off. Just look at industries like Energy, Financials, Industrials and Basic Materials for evidence. 

In essence the market has been correcting through time rather than price, and it has been going on for quite a while tonight. Technology and Utilities have been immune to the move, but everything else has felt it to some degree. 

Here’s the T2108 chart, compare the bearish divergence here, to the bullishness in Tech…What a difference!