There was only one index at the races on Friday
Well, that selling didn’t last long. Buyers didn’t even wait for tests of nearby moving averages before buying
Sellers had to return at some point, and Tuesday was the day they paid a visit
The summer rally has proven to be a boon for Energy and Utility stocks.
You can access the interactive sectorbreadth chart here.
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The 2nd/3rd day of declines has been relatively orderly so far
Indices finally got a down day
The advance in the S&P (NYSEARCA:SPY) looks like it has the legs to make it to the upper envelope band
Each day has become another twist of the screw for bears and shorts
A tough day for any shorts in the market
Yesterday was a quiet day for indices, but there was no doubts who took control today
No shocks to the system in what amounted to a quiet day for the indices
Indices spent little time consolidating, adding to the rally after a one-day stall in the advance
No surprises to see after four days of gains that markets gave up a little ground.
Tech indices had got the ball rolling last week (helped in large part by the semiconductor index)
I missed this one yesterday, but the Nasdaq 100 cleared resistance and is on course to challenge the 52-week high from March
The indices which mattered are still under threat from bears, those that don’t, had a good day