S&P up to initial resistance 2147-50 area with breadth of about 3/1 positive with nearly 5/1 volume into Advancing vs Declining names- After 8% gains in last 9 trading days we might have difficulty pushing much higher in the near-term and important to note that 95% of all stocks now trading above their 10-day ma, fairly stretched, while Demark signals being registered on many timeframes INTRADAY that are often important- 120, 180, 240 when lining up-
XLI and XLY both testing all-time high levels from last year which should have some importance, while XLB and XLE are up to early June highs, also significant. Only XLF and XLV look to have a bit more to go, but neither of these are as bullish as the overall charts of XLI, XLY on an intermed term basis and should face resistance in the upcoming days. Today's story remains the Bond selloff which has seen German Bund yields go to .(09) while TNX is now at 1.52, a huge advance in a short period of time- Gold is down 1.6% while Crude is back up into its former consolidation and facing some resistance near 47 on this bounce. For now, Energy and Materials are the biggest gainers, but encouraging to see Financials be higher by > 1.25% with good gains out of Technology and industrials also while Utilities peaks and turns down as the worst performer today, down nearly 1%.
For the balance of today into the next couple days, I expect further upside likely proves limited and we could see some consolidation to this move after reaching targets while many Sector ETFs also grazing former highs. I think pullbacks though likely prove short-lived and should be opptys to buy as broader trends improving for most US indices given the recent strength- Areas to consider selling into are the Retail stocks within Discretionary: URBN, SIG, KSS, TRIP, AN, FL, BBY, RL, GPS, all which look to be good risk/reward Shorts for trading purposes or things to consider putting on to hedge long exposure which are now near former highs or trendlines which should offer good resistance- Bottom line, a good overall move In the last couple days, but just a bit stretched near-term and a few things suggest a possible stallout when looking at price and time