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Over 2709 caused a Squeeze for S&P; Tech still resilient while Financials stabilize

 Into mid-day, S&P getting over 2709 has provided a squeeze as prices got back into the prior consolidation.. And breadth about 4/1 positive is much better today than was seen yesterday on the pullback.  Smallcaps moving back to new high territory, TRAN also higher by 1.2% and Crude oil is snapping back 2.5% today-  Treasury yields at 2.85% not making the same progress as equities in regaining prior breakdown, but a near 2% rally back in Financials is helpful for markets today-  Energy leading , up nearly 3%, while Healthcare, Industrials, Staples and Real estate also rebound-  Overall, a very tricky tape in short run.  Tech has been resilient while FInancials have not- Both industrials and Transports have consolidated their breakouts over last 5 days, but failed to give back enough to think these groups have to move lower. The Dollar starting to retreat should be good for commodity based stocks, while Energy pullback got a bit ahead of itself and now trying to bounce-  Overall its worth being selective here as markets near the end of May, as June historically has been quite negative  in Mid-Term election years, the worst month of all 12..  Averaging -1.79% since 1950-   Whether or not markets are capable of following the same patterns that have taken place since February is unclear.  But we've seen a pronounced pattern of bottoming in early month, peaking in mid-Month and then selling off into end of month, in February, March, April and now May-  So watching carefully to see if this pattern repeats-  For now, being back over 2709 is a positive for today..  And this whipsaw in the last 48 hours has produced a few POSITIVES.. Like Healthcare Services & Device stocks today.. While other groups like FANG/Tech have ignored the decline altogether and remain an area to watch carefully into mid-June, as NASDAQ should have much more difficulty moving back to new highs than Russell 2k

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