Market Overview: 06-01-18 Wednesday

First test of 06 rally due today (Wednesday), as market faces disappointments from YHOO INTC. Strength of rally depends on resilience of dip buyers. Energy momentum still holding. $xau, EEM, $sox momentum weakening. $xau reversed intraday on Tuesday (1/17). Will buyers enter the $xau dip? Metals/Steel look resilient.

Potential value among tanker sector. Possible blow-off top in TIE if new high is made.

Key levels:
$compx: 2294, beneath which = short-term bearish, congestion, directionless.
$compx-tlt: 25.02, recapture = short-term bullish. Currently, below 25.02 = short-term bearish
xle: 53.56, bullish
$xng: 414.45, bullish in breakout
$sox: 516.2, looks to break into short-term bearish territory.
canaries index: at 10d average
high beta index: below 10d average.
intellidex-bear index: at 10d average, losing momentum
$gold: losing momentum, negative divergence
DJ Internet index: below 10d av.


$osx:$sox ratio: favoring $osx, potentially breakout
$osx:$xau ratio: marginally favoring $osx.