Bulls Feeling Good

We can’t ignore the bull as price-action treads evenly with major moving averages.

A modest sell-off at the S&P 500’s 200-day average has collected one distribution day, which while a concern to bulls, won’t mean much unless more follow.

With semiconductors (SMH) and finance (XLF) convincingly above their 50-day and 200-day averages, the broader picture clearly suggests significant strength.

Though unless retail (RTH) can follow suit, it will threaten the sustainability of this four-week long rally off lows.

Stay tuned,