Seeing that we are still higher than where we end the last year, it probably seems strange to be bearish right here, but the market is really showing some weakness. All the gains came in the first 30 minutes of the year, and since then it has been down, and now with a second break of a support level. What really pops out is the volume, which has been heaviest on red candles. I have 1255 as the next support level, but a test there is not likely today. The leading sector this morning is XLF, by a comfortable margin, with XLE and XLI lagging. The Nasdaq is leading this morning, the Russell 2000 lagging.
Oil and gold are down, treasury yields down and dropping.
I have 25 new highs so far, with breakouts in SGC, UG, APOL, and KMI. I have CVGW scheduled to report this morning, but they never report when they are supposed to, and they haven't.
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