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A Pullback Still Looms For the market as a whole, my view has not changed since mid-April, so let s look at the ARKK of the market. Stocks quotes in this article: QQQ, ARKK, XLP
I don t believe there was an indicator that changed during Wednesday s market.
Breadth hovered near flat and closed just the other side of positive. But it wasn t enough to move anything. The only noteworthy statistic is that there were fewer stocks making new lows on Nasdaq for a second day.
What did change was the number of questions I got on the utes utilities. Exactly one week ago, I showed the chart of the utes, and explained they had been red for six straight days which made them short-term oversold. I thought they should rally and come back down. So far, they are doing just that.