Patience is the best advice for now until it becomes clearer if this is a short term or longer term correction.
All the X sectors ETFs are downslope. In most cases the P6 has been in that mode for over a week...in the case of XLU the roll over occurred a month ago.
There are currently no bottoming patterns (hairy bottoms..discussed in previous posts) so cash is the safest place to be right now.
We're still waiting for a resolution of the bond/equity skew...at the present they are displaying correlated momentum. When (and if) that changes and bonds begin to move divergent to equities then we may expect a more technically reliable investment milieu. That's not the current situation.
