Reluctance to break down

Although things are nicely set up for a bigger correction, the market is not breaking down yet. There were some attempts since end-March but they all failed by the time the market closed. Yesterday was no different.


Here is a chart of a 13 day ema of TRIN.

This indicator has been weak for some time but it does not yet show a bigger spike towards oversold that would lock in the divergence and mark the beginning of the correction.

Maybe it happens today but I doubt it given the good expectations for tomorrow's NFP report.

This is why I think that, after reaching weekly support at 1380 today, the market may start rising towards the recent highs again.