Markets continue to absorb the recent volatility as the Weekly Magnets were tested early in the session and held.
However, much weakness remains in most major indices. In the SP1500, 78% of its members are below the Bollinger mid-band.
Looking further into index components, I created a study to look at market breadth from a broad universe of indices and institutional proxies.
Interestingly,the only index that had positive breadth yesterday was the Dow Jones Industrials.
Potential catalysts to note are whether today's Fedspeak departs from the recently released FOMC Minutes.
All the best,