Finally, the risk materialized in the high flying tech sector that has led the market for the last few months. It will need more than one day down to bring back the model to a more favorable position. It will be interesting to observe over the next few trading sessions if a sector rotation is going to take place in favor of the more traditional stocks : value and defensive. The options market was less buoyant than the last few days with more reasonnable put/call ratios. Breadth on the NYSE was deep in the red: 784 stocks advanced compared to 3161 that settled down. The weekly investment survey among professional portfolio managers still points out to a lot of optimism among this category of investors although it has been conducted before yesterday’s downmove.  

Very short term oscillator	Positive +
Short term oscillator	Positive +
RVI trend	Positive +
Trend short term (5 days)	Up ​​
Trend mid term (8 days)	Up
Differential of trends	Up
Risk profile	80 (scale of 1 (low risk) to 100 (high risk))