As mentionned yesterday, the S&P 500 couldn’t surpass the 200 days moving average and fell back under heavy selling pressure as measured by our capitulation index. The closing tick closed negative at -536, meaning that money was exiting the market at the close. Options traders were more eager than the previous days to protect their positions by buying puts, as measured by various put/call ratios. Finally, the weekly survey among professional active managers points out to renewed optimism from this category of investors, a sharp contrast with yesterday’s survey among private investors. For the time being, the overall technical picture looks vulnerable.