My impression is that we were supposed to trade in the trading range created by the drop in February. Failing to hold above the top of Feb high could be signal that we visit the low of the year, or at least 50% retracement.

Thx for pointing that out. Let’s also not forget that even if you put the bearish technical posture, divergences, QQQ & XLK trendlines that are currently being tested, etc.. aside, let’s not forget that we’re now heading into what I believe is the worse seasonality period for the stock market with many of the largest drops kicking off in Sept-Oct, including the 2007 market top.