Too Close for Comfort

We have a fairly slow-paced trading session shaping up on this unseasonably warm (in the northeast) Friday. 

Typically, the slow pace of the action in the context of an overarching uptrend would seem to favor the bull theory that we are simply witnessing a well-deserved consolidation which ought to soon be setting up fresh, lower risk long entries. 

But we also want to guard against becoming sloppy and complacent, too, especially if the QQQ (ETF for the top 100 stocks in the Nasdaq Composite Index) decisively loses the $144, outline below on the hourly chart. 

As you can plainly see, bulls are spending a bit too much time and perhaps too close for comfort in terms of "leaning down" against $144 support--We want to see a strong bounce materialize soon to neutralize the bear case for an imminent breakdown. 

We also have some sector and industry rotations taking place, perhaps at the expense of tech. I will outline those beneficiaries in my usual Midday Video for Members.

But rotation would aid the bull case, too, in terms of avoiding the dreaded broad market correction which can often happen this time of year.