We are trading in a broad multiday range in the ES futures (above), defined by yesterday's lows around 1180 and the bull highs around 1210 from 4/15. Sector performance is mixed: consumer discretionary and energy shares are at their bull highs, whereas health care stocks, consumer staples, materials, and financial issues lag. We're also seeing 10-year rates, gold, and oil well off their bull peaks. In all, this is looking like a period of distribution, sector rotation, and consolidation following a strong and persistent bull run.
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