The trend for the S&P 500 is still systematically and objectively positive, Macro Risk Advisors Chief Technical Analyst John Kolovos told viewers of Real Vision's Trade Ideas.
Despite Monday's pullback roiling the markets, Kolovos said: "We need to view it within the context of what it is - normal, weak seasonalities and weak performance after a Fed cut." He remains bullish as long as the June 3 lows on the S&P 500 holds.
Underneath the surface however, there are several divergences that are causing Kolovos concern, including the weakness of financials, industrials, and small-caps relative