Correction ahead:

August 09, 2017 at 16:57 PM EDT

Mid-week market update: Narrow trading ranges are often technical signs of sideways consolidation, followed by further upside. In this case, bulls are likely to be disappointed, as market internals point to a correction ahead.

I am reiterating my tactically cautious view that has been in place for the last two weeks (see Curb your (bullish) enthusiasm) for the following reasons:

All sectors are overbought, indicating an extended condition
Negative seasonality
Overbought breadth
Negative momentum

The full post can be found at our new site here.