Stocks dropped hard today, giving up all the gains it had made since the 22nd of November. There were multiple milestones to today's price action. First, we got a swing high. Second, price closed below the 10 day moving average. This is the first time in 38 trading days that stocks closed below the 30 day moving average. Today was day 40 of a daily cycle which normally lasts 30 to 45 days, so this move happened late in the daily cycle. Third, the 10 day moving average on the /ES (S&P Futures) actually turned lower. As steep as the 10 day moving average was, it actually turned lower in one day. This is not true on the actual S&P 500 but that will probably come tomorrow. The enlarged area on the graph below shows where the swing was and how the 10 DMA turned lower.
Stocks are presently the riskiest asset to trade.