After a few day’s of IT’s problems, we are back to monitor our risk model. The time needed to update our indicators, we’ll come back with a more complete comment over the next few days. At a first glance, we mentionned last week that major US indexes were approaching a crossroad with a concentration on activity on a few big names, especially in the tech sector. This weak participation has been confirmed by the cumulative advance/decline that barely bounced from the March’s lows. It is too early to call for a second wave down as the main systematic models have not turned down yet but the upside momentum has slowed drastically with yesterday’s action.