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Defensive groups have shown some signs of relative stabilization, as we would expect in times of stress, but they have not made meaningful moves to the upside.

The specific areas of interest are the 10-week (50-day) moving averages, and with so many investors watching them, it would not be surprising to see them undercut to shake out the weak hands.

There are signs of life in risk appetite on the part of investors as High Beta begins to lead Low Volatility, and Lumber makes a strong move higher relative to Gold.

Small Caps remains the weakest and the metrics have ticked lower over the past week.

The S&P 500 has once again reached the 50-day moving average, which has been a key guidepost for the “buy the dip” crowd.

The Health Care sector is on the verge of trading to another new high as the uptrend is firmly in place on an absolute basis.

The S&P 500 enters the new week amid a five-day losing streak, but odds favor the rising 10-week (50-day) moving average continuing to act as support to pullbacks in what remains a bullish trend.

From a risk perspective, the fact that these trends did not breakdown in the face of a four-day decline for the S&P 500 is encouraging.

Short and intermediate-term trend measures remain in early uptrends, while long-term trend metrics continue to decline.

The S&P 500 and NASDAQ 100 are in steady bullish trends while Small Caps and Commodities are stuck in their consolidations.

The Health Care sector is on the verge of trading to another new high as the uptrend is firmly in place on an absolute basis.

Technology, Discretionary vs. Staples, Lumber/Gold, Small Caps, Growth Over Value are top of mind as autumn approaches.

We are now seeing signs of improving breadth, a continuation of which would remove this part of the bear thesis.

We are still waiting for a resolution in the 10-Year Note which is likely to have important implications for leadership in the equity market.

Last week, the best-looking groups were Technology and Communication Services. That remains the case this week as leaders tend to continue leading.

Risk-on is the only way to describe trading last week with strong bullish moves in the Small Caps and Commodities while defensive assets came under pressure.

There are some divergences that hint at the potential for trend changes, but until key levels are broken, we are hard pressed to give them more than a passing glance.

This week has seen a slight rebound, but we are still hard-pressed to call breadth metrics healthy despite the S&P 500 trading at record levels.

Groups that hold the largest Growth stocks (Technology and Communication Services) continue to show signs of outperformance.

Groups that hold the largest Growth stocks (Technology and Communication Services) continue to show signs of outperformance.

The rising 10-week moving average remains a key guide to the uptrend for the S&P 500 after holding, once again, last week.

While the lack of confirmation remains in place, there are early signs that the Transports are turning the corner, with the S&P 500 Road & Rail Index…

Breadth metrics have improved across the equity market in the U.S. The improvement in small caps is perhaps the most impressive of the bunch.

Leadership shifts appear to be most sensitive to moves in the 10-Year Note which is essentially stuck in a sloppy consolidation between the two …

The two most interesting developments over the past week are the potential resurgence of strength in Financials and the potential for a breakout in Utilities.

Equities exhibited some stalling behavior last week, but no damage was done to the prevailing, long-term uptrends.

The market is extremely calm on the surface but there is a lot of churning underneath. High-Beta and Consumer Discretionary point to…

Small Cap breadth remains the weakest. The Advance/Decline Line is heading lower, below the declining 50-day moving average.

As has been the case for the past few weeks, investors are not showing signs of excessive greed despite the S&P 500 and the NASDAQ 100 trading near…

Cyclical sectors are testing resistance and have clearly defined levels below which we can say that their trends have turned bearish.

Equities exhibited some stalling behavior last week, but no damage was done to the prevailing, long-term uptrends.

While the S&P 500 and the NASDAQ 100 trade near record highs, there remains a lot of choppiness under the surface.

Subtle signs of improvement in a few of the short-term breadth metrics but overall, the level of participation in the market’s uptrend is lacking.

Despite lingering concerns about the Delta variant, the S&P 500 Hotels, Restaurants, and Leisure Index made a new closing high yesterday.

Two of the key leading groups, Technology and Communication Services, will be in sharp focus this week as key members of each report earnings this week.

The dips continue to be bought in the equity market, but outperformance continues to concentrate in the larger stocks, especially those with…

Under the surface, there remains a lot of uncertainty as it relates to thematic leadership. Credit may be the best “tell” in the near-term.

Breadth metrics remain under pressure across markets, with Small Caps sustaining the most damage into Monday’s lows.

Equities are bouncing from support levels after a brief (thus far) pullback, as the 50-day moving average continues to define the trend for the S&P 500.

Pharma appears to be making the turn vs. the S&P 500. As the prospects for a “risk-off” market continue, odds favor Pharma outperforming.

Treasuries and the Dollar, traditionally haven assets, have an underlying bid to them while Small Cap stocks remain under pressure.

While the S&P 500 trades near-record levels, held aloft by the biggest of the Mega Cap stocks, under the surface there is a lot of choppiness.

Breadth metrics across markets have weakened further over the course of the past week, with the damage most pronounced in Small Caps.

Record highs for the S&P 500 and NASDAQ 100 indexes point to keeping the bull market for equites intact. Sentiment remains in a fear position.

Not much has changed at the sector level over the past week. Growth themes continue to benefit from rotation while the cyclical groups are under pressure.

U.S. equities remain the best game in town but leadership within the U.S. market appears to be tilting back to the NASDAQ as Small Caps have begun to stall out.

Commodity themes point to slowing global growth which is further supporting the outperformance of Growth stocks relative to Value stocks.

While we are seeing some small divergences across different data points, the trend needs more time to play out.

The S&P 500 and the NASDAQ have traded to record levels, but it is hard to make the case that sentiment is a concern.

As the S&P 500 trades at record levels, groups such as Technology and Communication Services are taking the lead from the cyclical sectors.

The Growth/Value ratio for the S&P 500 remains above the 200-day moving average after crossing it last week.

Across the major markets in the U.S., the Advance/Decline Line is near record levels but is not yet confirming the record levels of the index.

The overall trend in the equity market remains to the upside with the S&P 500 and the NASDAQ trading at record level.

Rotation is the near-term focus for investors as groups like Technology and Communication Services have exhibited relative strength of late.

Equity trends in the U.S. remain to the upside with the S&P 500 and NASDAQ logging record weekly closes. Global stocks confirm the uptrend.

Is Growth regaining leadership? The improvement in Growth over Value, while Lumber and Copper remain under pressure vs. Gold.

Despite the S&P 500 trading near record levels, there are signs that breadth is weakening under the surface.

The trends remain to the upside, while being mindful of the bearish arguments which would be confirmed with breaks of key support levels.

The cyclical areas of the S&P 500 are in the process of testing important absolute and/or relative support levels. Will they hold?

The NASDAQ is a bright spot with reflation assets under pressure. Is the pressure likely to persist, or is this a pause?

While Treasury yields have moved lower over the past few weeks, the credit market is not sending a warning signal just yet.

Despite the S&P 500 trading near record levels, there are signs that breadth is weakening under the surface.

Later today, we will hear from the Fed Chairman, Jerome Powell, after the FOMC wraps up their policy meeting. All eyes will be on treasuries.

Materials, Financials, and Industrials are all testing their 50-day moving averages from above. Relative trends are under near-term pressure.

Equity markets in the U.S. and globally are trading at/near record levels, while yields break down at the long end of the curve.

Commodity-Based Themes continue to weaken point to the possibility that investors are preparing for a slower growth environment.

All eyes on inflation today, with the release of the CPI report. Ahead of the report, investor expectations…

The S&P 600 traded to a new high this week, Sentiment is not greedy. Will the S&P 500 break to new highs as well?

REITs Complete the Bearish to Bullish Trend Reversal while Technology Closes at a One-Month Relative High. Software Holds Relative Support.

Equity trends remain to the upside in the U.S., and the Global Dow closed last week at a new high. Will the Relative Trend Turn?

Value over Growth remains a key trend while two key breakouts emerge for Small Cap Energy. New highs for High Beta vs Low Volatility, will they hold?

Energy Equipment & Services are an Emerging Leader. Breadth Metrics Improve Across the NYSE, S&P 500, and S&P 600.

S&P 500 and S&P 600 Push Toward Record Highs while Crude Oil has broken above key resistance, a potential positive for the Energy sector.

The reflation/cyclical sectors of the market continue to receive the benefit of the doubt, as relative trends remain to the upside.

Growth is likely to continue to lag Value. At the same time, Small Caps appear likely to reassert leadership over Large Caps.

The NYSE Advancing – Declining Volume Line is in the process of breaking to a new high, ahead of the S&P 500.

Equity markets in the U.S. are searching for direction, as near-term trading remains choppy within the context of longer-term bullish trends.

The relative trends continue to favor the cyclical sectors of the market. Weakness in Consumer Discretionary is Broad

Small Caps and the NASDAQ Closed Below the 10-Week Moving Average while Commodities have pulled back…

Watching the Shift Toward Global Stocks over U.S. Stocks. Copper/Gold Ratio Fails at Resistance while Lumber…

Short-term metrics remain under pressure, while long-term metrics are healthy. Intermediate-Term Breadth is Neutral.

Global Stocks are on the Verge of a Relative Breakout and Sentiment is Tilting Toward Fear. Momentum Shifting…

Materials, Energy, Financials, and Industrials Sectors continue to lead the pack while Defensive Sectors are…

U.S. Equities Test their 10-Week Moving Averages while Rates Fail to Move Higher on the “Worrisome…”

Equity Themes turn slightly Risk-Off but remain above Support while Intermarket Themes (Commodities) are…

Breadth Weakens as Equities Pullback, Short-Term Metrics Not Yet at Washed Out Levels while Long-Term…

Small Caps are Breaking their Relative Uptrend, while the NASDAQ Completes a Topping Process vs. the S&P 500.

Technology Completes its Relative Topping Pattern While Weakness Extends Beyond the Largest Names…

The relative underperformance of the NASDAQ is on the verge of turning decidedly bearish while Small Caps…