The S&P is now about 13 points from the all time “intra-day” high of 1576.09. Although the market put in another winning day, you can tell the market is getting nervous about more immediate upside as more defensive sectors did well today.
Although the major averages ended firmly higher, defensive sectors were the clear winners while economically-sensitive groups trailed behind the broader market.
The health care space showed strength at the open, and led the S&P 500 throughout the day. In addition, consumer staples and utilities also found themselves in the top half of today’s sector rankings. All are considered “defensive” sectors.
All of Sunday’s new additions have now triggered. UNM triggered today.
The bulls are still in charge. Keep in mind that the market is closed on Friday, so just two days left in the month. As we go higher, don’t forget to tighten up your stops. The bears always come calling when you least expect it.
Hope you had a good day and I will see you in the morning.