Invoking Muhammad Ali and the Thrilla in Manila, the churn before the turn means something any budding technician has heard before - volume precedes price.
Volume market-wide surged going into the March low - churn before the turn.
But now volume has been falling steadily ever since to tell us that this rally is not spreading to the masses. The fuel is spent. Sentiment is too happy - at least too happy too soon. Momentum has faded a little. Yada, yada.
Today's column laid it all out so I won't repeat it here. What I can say is that everyone and their brother is saying that everyone is looking for a decline after this rally. Everyone is looking for a lot of things and supposedly there is a fade in there somewhere.
Guess what? No, not everyone is wrong. That would be a dumb statement to make. Rather, everyone thinks that they are the contrarian and we know that won't cut it. Forget being an armchair sentiment-ician.
When everyone is looking for the sentiment angle it won't be there.