Market Starts Choppy, but Ends Flat

The short-term Advance/Decline indicators are bearish, with Consumer ($XLY), Tech ($QQQ), and Healthcare ($XLV), continuing to trend to the downside. Finance ($XLF) has been trading flat.  Industrials ($XLI) have been the only bright spot with the most momentum to the upside this week.

The S&P 500 ($SPX) continues to trade around $2100, but has not had any real momentum to either the up or down side. Small-cap ($IWM) volatility has picked up early in this new trading month. The break of $124 late last month is the hump this index needs to get over if there is going to be any momentum shift to the upside.

Bonds ($TLT) continue the April/May slide to the downside, hitting a new one-month low of $118.64. The downtrend will only be challenged if the price action to the upside in $TLT breaks above $123.5.

Finally, the US Dollar ($UUP) moved to new lows and remains in a short-term downtrend. Tomorrow I will cover some of the moves in the commodity markets in some detail so stay tuned.

Have a great trading day!