Range Top

Price action rules.


It’s been a Bull’s market for several weeks. We’re just under all time highs on the S&P 500, testing the upper technical range put in place at the end of 2015.

SELL BIAS remains.

It’s not easy to be a buyer without any clear fundamental drivers for the momentum. Lack of volume suggests it’s all fluff, perhaps floating higher due to a lack of sellers.

Bigger picture fundamentals take darker themes of a contracting credit cycle and lower corporate earnings.

Rally leadership comes from the formerly beaten: Financials, Emerging Markets and Energy.

Individual names in Growth Stocks mentioned here continue to act solidly:

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