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“It’s so much darker when a light goes out than it would have been if it had never shone.” – John Steinbeck, The Winter of Our Discontent

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

It doesn’t officially start until tomorrow, but already it has been a December of discontent for bulls as breadth has been negative for a record 14 straight trading days and looks likely to extend that streak to 15.  This kind of consistent broad weakness is unprecedented, and it’s reflected in the performance of the eleven sector ETFs and where they’re trading relative to their short-term trading ranges. Every one of them is down at least 2% in the last five trading days, and three have dropped at least 6%. Just two sectors headed into today above their 50-day moving averages, and seven have dropped into oversold territory, including six in ‘extreme’ oversold territory (more than two standard deviations below their 50-DMAs).