Summary: Markets sold off Friday, erasing its earlier gains on the week. They are at a critical juncture where if they can hold the March 13th lows, we could resume a bounce, though a failure could accelerate into a harder sell-off.

Risk On

• The new high new low ratio remains mostly positive. (+)
• From a seasonality standpoint, markets are entering a strong period for the next few weeks. (+)

Neutral

• Markets were down between -1% and -2.5% for the week, led by NASDAQ, with both the SPY and QQQ failing its attempt to reclaim their 200-Day Moving Averges.  Most of the weekly decline happened on Friday, though it hasn’t taken out its earlier March lows yet. (=)
• The color charts (moving average of the stocks above key moving averages) are negative on the longer-term but still neutral on short and intermediate terms. (=)
• Emerging and more established equities were down on the week, though less than U.S. markets and both are holding onto bullish phases with rising 50 and 200-Day Moving Averages. (=)
• Copper broke out to new highs before mean-reverting into the close of the week, but the trend remains intact. (=)

Risk Off

• Volume patterns are negative with more distribution days than accumulation days over the last two weeks with the exception of the NASDAQ which had the same number of both. (-)
• The percentage of stocks above their key moving averages is stacked and sloped negatively and not oversold. (-)
• Sector performance was negative nearly across the board with the only sectors positive on the week being traditional risk-off ones like Gold Miners & Consumer staples. (-)
• The biggest winners on the week were commodities like gold and Silver, while tech and semiconductors took the hardest hits. (-)
• The McClellan Oscilator flipped back negative by Fridays close and is not oversold. (-)
• Cash volatility held its 200-Day Moving Average and bounced higher on Friday. (-)
• Risk gauges deteriorated by Friday’s close and are fully negative. (-)
• Value outperformed growth on this down move in the market, though both are now under their 200-Day Moving Average. (-)
• Four of the six modern family members are in bearish or distribution phases with all members either below their 50 or 200-Day Moving Averages or both. (-) 
• Gold hit new all-time highs and is not overbought on price or Real Motion. (-)
• Flight to safety on Friday across all ends of the yield curve. (-)