The SP was higher by 7 on the day, settling between gap below from Thursday and the gap above from Tuesday. Price interacted with the near term DTL (green) and found buyers. Note on the chart that the MACD is still in a sell condition.
Naz was higher by 5, badly lagging the broad market as many of the high beta index members saw proactive selling. The Seeker exhaustion sell signal is still active for the NQ futures. The high from 2/22 will be a very key area this week so be sure to set an alarm for 2366.
The daily multi sector chart shows the pronounced strength of the current leadership from the energy names.
The 10-day Trin remains neutral, hovering around the 1.0 baseline.
The put/call ratio never recorded a climatic high where institutions were rushing for put protection. This could be unfinished business.
The defensive XAU index was top gun, closing at the high of the current bounce. Monday’s close exceeded the 50% retracement which implies that further upside is probable.
The OSX recorded a new high on the move and a new closing high. Keep an eye on the 100% measured move target.
The BTK remains range bound:
The BKX was lower on the day and is close to a zero line break in the already negative MACD. A close below the zero line could kick in downside momentum.
The SOX was the last laggard on the day. The Seeker exhaustion signal is still active,
Oil closed near the low of the day:
Gold was little changed on the day and is 9 bars up which completes a Seeker setup phase.
