Now, make no mistake, I'm not complaining! I can't not like the results so far this week... That said, the under-the-surface dynamics are not remotely confirming what the headlines portend.
For example: The top panel is the S&P 500... The upward trend line captures the past 4 trading days, including today... The second panel measures the number of advancing stocks in the index vs the decliners through yesterday:
That's what's called a negative or "bearish" divergence.
As for today, so far, breadth isn't terrible, with roughly 65%/35% up vs down stocks, but still not all boats rising with the tide.
As for the sectors, once again, under the headline surface there are losses being taken in 5 of the 11 major sectors as I type:
Nothing to get too excited about, just what I view as a late-cycle dynamic to respect.
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