The SP gained back 9 on the day. The advance/decline numbers were excellent but didn’t produce a new high on the move. Expect more volatility as we trudge through earnings season and the FOMC decision on Wednesday.

Naz was higher by 20 and outperformed the broad market by a wide margin. AAPL was strong all day and lead the NDX100 all day. The relative performance of this key stock cannot be emphasized enough in the near term. AAPL’s weighting is 21% of the NDX100 index.

The relative performance of the SP500 vs. the NDX100 is key at a possible inflection point. Below is a chart of the SP vs. Naz. Important inflection points at range high usually happen after the NDX (magenta) begins to underperform the SP (green). This relationship should be monitored closely.

Multi sector daily chart:

SOX was top gun on the day by a wide margin. One gap was filled today, leaving one still open at 450.

The BTK revisited the low of the recent range but didn’t break the recent low.

The Dow Transports tested and held the 50dma. Note the support at the 5k level.

The Broker-dealer index was weaker than the broad market. The Seeker exhaustion signal is still active.

OIH was little changed from Friday even while oil was very weak.

The XAU continues to be a source of funds, moving towards the suggested target around 195. Note that the chart is now 7 days down.

The BKX was the last laggard on the day. This lagging sector is vulnerable and has an active Seeker sell signal.

Oil is using the May high as support but the bears were able to close it under the 50dma. A trend line has been added to the chart.

Gold is making good on the breakdown under the 1350 support level. Next support is the static trend line (red) at 1321.