Even though I don't see any MAJOR technical signals for the S&P 500 on the bear side, I still believe we will see a 2% correction very soon. The market looks to me to be losing steam in the high 2,400's, and I would not be surprised to see a move lower by at least 40 points, possibly approaching 2400. I think there is more and more fundamental uncertainty with the Trump administration which will cause selling of the market at these relatively elevated levels. Chart attached.
WTI crude oil has touched the $50 mark but now is down almost 1% on the day so far. I believe this is a basic initial rejection of a big level, not necessarily indicating anything major bearish. I think we will see good buying if this market gets down to the low $48's.