The SP suffered more leakage. Price declined by 5 handles, but never really developed any downside momentum. The 10ema was neither breached nor tested. That is the next level to watch. The SEEKER exhaustion signal is still active.
Naz was lower by 12 and did test but not break the 10ema. Fibs on the chart have been reset from swing low to high on a closing basis. A settlement under the 10ema will put the static trend line in plat at 2150. Watch the CCI for a break under the zero line which would imply that negative momentum has developed.
Multi sector daily chart:
The 10-day Trin is curling up but remains below the 0.85 overbought threshold. The broad market still has a considerable amount of energy that could be released to the downside.
The BTK swept but did not close above the trading range. The index has spent a considerable amount of time consolidating and could easily challenge the April highs if a breakout follows through.
The OSX has an active SEEKER exhaustion signal in place and is threatening to break the 10ema.
The BKX was weaker than the broad market as this lagging sector was sold. There is an important area just below where the 200dma and 10ema converge.
The SOX got hit pretty hard closing the day weaker than the Naz. The April high is a very key area (red line). A break under this area could accelerate the downside momentum. Note that the CCI breeched the zero line.
The XAL is breaking and lower prices are coming. The index closed below the recent support level and the 50dma.
The XAU was the weakest major sector–down almost 2% and near a very key support area at 220. Note that the SEEKER is one bar away from an exhaustion signal.
Gold:
Oil:
