Essential reading

Headline charts on Interest rates and the dollar

Headline charts (again) on Sector Strength: His Growth/Value comparison, and Cyclical index comparison charts are excellent.

Bill (No DooDahs) has voiced concerns on the lack of volatility. Also noted by Bill (Vix and More) last Friday. No fear likely means no bottom.

Jack Haddad has gone long the Diamonds (DIA). A must-do subscribe feed.

Nice bullet point summary from Stockbee, with two sectors to watch.

Datawink was looking for "extreme weakness" in the Dow from December 21st.

AC Investor has a solid list of stocks for Wednesday

TraderMike has a quick chart summary for the market

Brett Steenbarger's lesson of the day

Finally, Subscribers (first 30-days free - hit the "Subscribe" button located below my links) can get my newsletter via Twitter

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S&P "Bull Trap"?

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I thought there was sufficient evidence to argue against a "bull trap" in the S&P, but it would appear the market wasn't interested in such thoughts and sellers were quick to reverse the initial push above 4,200.  Adding to the pain were new 'sell' triggers in MACD and On-Balance-Volume, although the former occurred above the 'bullish' zero line, making it a weak signal. Selling volume ranked as distribution as selling momentum picked up speed.  The index is also underperforming relative to the Russell 2000. 
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"Black Candlesticks" are a concern for the S&P and Nasdaq

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A bright start for bulls on the back of positive $NVDA earnings wasn't enough to generate a day of meaningful gains.  However, it did help stall the losses of the last couple of days. The Nasdaq was the biggest beneficiary of today's action, but not enough to see an end-of-day finish that cleared last week's swing high, nor delivery of a large white candlestick, despite the morning breakout gap.  Technicals are net bullish and relative performance against the S&P has become consistently stronger since the start of May.  While today's candlestick I would view as typically 'bearish', today's volume ranked as confirmed accumulation (bullish). Overall, I would be looking for higher prices from here. 
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Round 2 for the bearish "black" candlestick in S&P and Nasdaq

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The Nasdaq started brightly but ended up closing below its open price, but above yesterday's close. The S&P did something similar, although the intraday range is narrower. These two setups are somewhat complicated by the new 'buy' triggers in On-Balance-Volume for both the Nasdaq and S&P. And the new MACD trigger 'buy' for the S&P. Price action is key, so I would expect the candlestick to trump the technical picture; watch for lower prices tomorrow.
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