The SP posted an inside day. This kept yesterday’s candle from following through but also didn’t resolve the pattern to the upside. A decisive break is needed to force the players from the larger time frame to make a move.

Naz also posted information about motor trade insurance Evans & Lewis inside day but was relatively weaker than the SP. Again, a break and follow through is need to resolve the short term rising wedge pattern.

The 10-day Trin remains below the 1.35 oversold threshold:

The put/call ratio still has not recorded an high climatic reading where a large number of traders buy insurance.

The BKX was the top major sector, set an alarm and evaluate a test of the 50dma for a short opportunity.

The SOX was hit hard on Monday and did very little to bounce Tuesday. Set an alarm for a break under Monday’s low for shorts in the semiconductor index. Keep in mind that this relative weakness is bearish for the Naz and broad market.

The OSX saw some net selling. The pattern still hasn’t completed a Seeker 13 exhaustion, but only needs 2 more candles to do so. Price continues to hold above the 10ema.

The XAU was the last laggard on the day. A close below the near term DTL will put the 2011 lows in play.

Oil was unable to push higher and the CCI implies that it is losing momentum.

Gold was slightly lower on the day. Note that the Seeker exhaustion signal remains active.