Rotation Report

As we come off the long weekend, the markets appear somewhat extended. 

The McClellan Oscillator is nearing a toppy zone and the NYSE Trading Index is at the low end of the summer range.

The Consumer Discretionary space had a nice August, but structurally still face relative strength headwinds.

The same can be said for Retailers RS it was turned down at Spring/Summer horizontal resistance.

In case you missed it last week, Financials RS broke the summer downtrend.  Can they take the reigns?  

Materials RS has really lost it's luster of late.  Now with a potential head and shoulders top testing critical support, we'll know more about this group shortly.

Not surprisingly, the Mining group is also at RS support.

Last week I mentioned the impressive reversal in Copper.  That didn't last long, but it's still above the support line.

Gasoline is at major support.  Who doesn't want to see this breakdown?

Is Gold forming a falling wedge?  It's starting to look interesting.

In Crude Oil, I mentioned the long term support line last week, we got a nice bounce.  There's no reason to think it can't continue for now.

Nat Gas broke out of a double bottom last week.  The next resistance area is around 4.30-40.

DBA is starting to respond to bullish divergences.  It's now recaptured the prior low and looks good for a swing long attempt.

Emerging Markets have tired at major resistance.  Is it time to pullback?

YELP is the most interesting chart in my book.  It's traded in a tight range on lower volume after a stellar move higher.  

Trade 'em well!