Midday Update

The intraday 5 minute chart of the SPY tells the story of a quiet and orderly session, thus far today. We may be working through a symmetrical triangle as well. Consistent with the work that I did over the weekend, the technology sector continues to lag the rest of the market, as you can see with an intraday chart of the QQQ ETF. However, there are still plenty of other stocks and sectors that appear firm and are worth watching, such as the precious metals miners and several areas inside the industrial/energy complex. I am also on watch for strength in the financials.

While we definitely have some notable fatigue going on after the sharp run up over past few weeks, that is not a good enough reason alone to turn bearish on the broad market.

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