Beware the Long-Running Descent

The Gilead chart on the monthly timeframe, below, shows a danger for many other charts in the market.

On the one hand, the consolidation seemed "orderly," after GILD's prior mulit-year run. But on the other hand, bulls had best not let the descent drag on for too long in lieu of them stepping in aggressively to take these charts back higher. 

Overall, bears made progress back below 2145 on the S&P 500 Index after yesterday's morning failed breakout over 2170. Playing more defense makes sense for now.

More in my recap after the bell.