Market rotating defensive, with utilities healthcare, staples and treasuries all near the top of the stack (but only short term lookback periods). If persistently strong tech earnings trigger a "sell the news" type of market reaction, we could see a pullback. Is the Russell 2000's persistent market underperformance a clue?
On the other hand. The SPY is trending above rising short and longer term Chaikin moving averages, money-flow is solid and the OB/OS oscillator is curling higher. "Market Up" conditions. Watch the oscillator, if it rolls over before it gets to the overbought zone, market weakness could follow. The persistent money flow says don't count on it, though.
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