The market internals continue to worsen, the number of stocks hitting 52-week highs last week was 20 and stocks hitting 52-week lows was 546. Keep in mind there are only 3,698 stocks in the Wilshire 5,000. We thought it was particularly concerning on Friday when Amazon.com reported a good quarter, the stock advanced significantly, but the market fell about -1%. The markets have done almost exactly as we expected, in the short-term, it rallied up to the old high of 2130 on the S&P 500 and then failed. The 200-day moving average is 2064 and on Monday the S&P 500 closed at 2067.

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Market in a Minute 2015-7-28