A basket of about 50 ETF’s I track. Shaded columns are comparisons of current price to the moving average for each specified column. Nearly everything is broken over the 5 and 20 day timeframes. Intermediate term isn’t much better, with a nearly 2:1 ratio of sectors below their 50 day moving average. What happens next will bleed into the longer term averages, and determine the depth of this recent pullback. For short timeframes, I want to see buyers step in here, in what is a seasonally strong period for stocks (Santa Claus Rally - https://www.investopedia.com/terms/s/santaclauseffect.asp).
With short term barometer readings like this, risk management is prioritized over upside potential.