In yesterday's trading, the S&P 500 gained about 50 basis points in value, again on lighter overall and declining volume since this mini-rally began back on June 24. More ominously- that is if you are long- the market tested and pulled back from the intra-day swing point on May 22, where 244 million shares changed hands on the SPY versus 103 million yesterday. This suggests the market is stretched and prone pullbacks.
That said, the industrials, financials and energy sectors continue to lead the gains but the consumer discretionary and utilities also chipped in to the overall gains. The overall price/volume heat map more-or-less reflect the the price performance. This is outside of the discretionary group, which is weighted neutral to negative.
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