Shedding Light on the Same Dynamic

An opening bounce in equities still features a lagging AAPL, biotech, and healthcare sector, just as yesterday's session did. Many commodities are also pushing higher yet, as even a few softs like corn and wheat are getting into the mix, following sugar's lead. 

A good test for gold miners, in the GDX GDXJ ETFs, if it they can now hold and even ignore overbought conditions for the rest of this week, as both ETFs are now at or above their respective daily chart upper Bollinger Bands, meaning they are short-term overbought according to that technical indicator. 

Earnings season should add some flavor to the post-market action over the next few weeks. But as far as the cash session is concerned, we have a grind this morning after a spirited oversold bounce going back to last week.

On the QQQ, Nasdaq-100 ETF, below on the hourly timeframe, if sellers can hold price back below $105 I suspect it may start to hit other parts of the market which have been enjoying relief rallies.