The market eked out another gain in yesterday's trading day, gaining roughly 40 basis points, as sector groups showed price gains. Leading the charge was the energy sector, which saw a sign of strength across the sector group.
Although prices gained, the price/volume diffusion index suggests we saw another day where demand remained weak. That was outside of the energy sector, where demand was strong across the sector group. To sound like a broken record, supply-side dynamics remain weak and demand was strong enough to move equity prices. However, weak demand at highs suggests, at least in my mind, that we will some sort of corrective action sooner rather than later.
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