Today's market action quite boring and uneventful. Most likely the market is just taking a breather
before marching higher. The one thing to watch for is if the continued divergence between new highs in the S&P not matching the higher risk indexes. Usually I'd be more worried if the higher risk indexes were not following the major S&P and Dow so since this is the opposite where the S&P failed to make a new high with the Russell 2000 and S&P MidCap indexes, I'm not as concerned.
However, the longer the S&P goes without confirming the highs in the higher risk indexes, the more likely selling pressure will enter he market. So, just something to be mindful of.
In addition, a break below 1998 in the S&P futures will confirm a head and shoulder top as well, and therefore signal a sell off fairly quickly.
No comments:
Post a Comment