Banks negatively diverged from the SP500 and did not participate in the recent rally to new highs.
They now have formed lower highs. This along with weakness in small and mid caps show why this market has been so thin and market breadth so weak.
When we have these type conditions, most long strategies are not following thru. Only a few stocks are working and many of those have been difficult to find good risk reward entries.
All the best!
Kerry
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