Pigs just get slaughtered...

Mid-week market update: Traders have an adage, "Bulls make money. Bears make money. Pigs just get slaughtered." It's time for equity bulls to be near-term cautious on stocks, though I expect any market weakness to be relatively shallow.

In my weekend update, I had set out a number of tripwires (see Time is running out for the bulls). So far, the S&P 500 is struggling to overcome resistance even as it exhibits a negative RSI divergence.

The full post can be found here.