There's some solid stock action out there, but the environment makes it hard to suggest a sustainable new leg higher is coming.
Again, it's worth noting the major fib extension level a percent or two away.
It seems pretty clear that there is meaningful distribution in widely held stocks. Stalling at key resistances, failing breakouts and downward sloping 20 day moving averages are popping up all over the place.
Key levels for bears aren't being breached in IBB, SOX or XLE. Maybe that just hasn't happened yet.
As for being a bear - well, there is little bear push, anywhere. They aren't breaking key levels no matter how many times they touch it. The IYT weakness is damn near a mirage, given how over-weight it is a handful of rails. XTN which has a smoother composition, is holding up fine over the support zone.
The places to be long are places where nobody has been. Financials and agriculture. Remember how fast the miner and energy trade caught on? Expect it to be even quicker here. One last thought, are precious metals next?
Good luck out there!
Trade 'em well!
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