Market internals started peaking in mid-March, with a lot of damage mostly to the smaller stocks and several of the 'stay home' stocks that soared during the pandemic's earlier phases, but are pretty much dormant/defensive, now.

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The growth phase isn't over, the snapbacks are lacking solid leadership, and I doubt earnings reports will defend the market from further corrective actions, in late April and parts of May, as I've contended likely for awhile now. But, it's the reality of how many stocks 'already' are closer to neutral or oversold than to overbought, that sort of nullifies the very gloomy projections of some. And let's recognize that reality is not so encouraging about COVID, but for now let's look at Apple (AAPL).

Meanwhile... the Apple Presentation was fairly snoozing (widely anticipated) as it began with (pricey) AirTags, Podcast and Apple TV+ promotions. Then I was perked-up by the 'redesigned' (faster A12) Apple TV device and remote (which is a big improvement over the prior remote). It's still 4k not 8k.

Then there was the new iMac... but only as I partially hoped for. It's 24" as a replacement for the 21.5" model, and has many new features, including one that's incredibly creative: combining Ethernet with the Power cable to reduce desktop wire clutter, and it's a return to MagSafe connections, plush 'touch ID' in a slightly redesigned keyboard. M1 processor of course, but note it's 4.5 k.

There was no announcement of a new 27" 5k model (hoped for 32"). So that's disappointing. I presume that will be a late-year 'mini-LED' and not ready yet. I also note memory upgrading is 'not' available in the new 24" iMac, which sort of denigrates the specs to MacBook Pro status (prior iMacs are upgradable). I think we all know a higher end 'Pro' iMac in intended for later this year.

Next week we'll get the next IOS and Mac OS software upgrades, with privacy the most important aspect as they will restrict advertising data.

The expected iPad Pro is superb, all the recent Mac processor gains, plus 5G in the cellular version. It's useful for videographers who wish to edit on the fly, while most video or regular users are more than satisfied with iPhone 12 Pro. I have remarked that even during my 2+ months hospitalization I didn't pull my iPad Pro out of the case even once. When physically able, MacBook Pro was all I needed besides my iPhone 12 Pro Max (once strong enough to use).

Now the iPad Pro does have 'mini-LED' which I anticipate in the higher-end iMac 'not' announced today. Sources say that LG is the supplier rather than Samsung, with trouble generating adequate 'mini-LED' production yields. So that's why the smaller iPad Pro can get the next-gen display, not yet iMac. 'If' I needed/wanted an iPad, yes the 12.9" model is a significant improvement.

In-sum: Consolidation can evolve into full correction for Senior Averages 'if' we don't get a broad rebound (better breadth), as I increasingly doubt we will (charts above and below). We've forewarned that a post-Expiration decline would see a likely mediocre rebound effort and then lower levels, especially for the 'Grand Dames' the Street is so fond of (SPX, COMP, NYA).