Over the last two trading days, the S&P 500 has been hovering below the resistance at 2800 with breadth alterning strong and weak days. Our risk profile index has recovered almost towards the neutral level and we have observed lately a flight to quality that has not been reflected in the cumulative advance/decline line that barely recovered from the lows of the month of March. The start of the earnings season may bring back volatility towards individual stocks rather than sectors or the main indexes.