The daily chart continues the range bound theme that we have followed for months. The S&P 500 is creating a nice base/consolidation to make a nice move. The path of least resistance makes the case for an upside breakout but we'll wait for price to confirm in either direction to have more confidence.
From a sector standpoint financaials and consumer staples led the way while weakness showed up in the energy patch. The chart below from stockcharts sums up the weekly sector rotation.
Here's what we were reading this week: