The real action was on Wednesday – Thursday wasn't a day to write home about. There was some gap moves at the open but they didn't change the picture by end-of-day. The best you could probably draw from Thursday was the inside day in the Dow Jones Industrial Average; trade a break of Thursday's high/low with a stop on the flip side.
Some could look to do likewise in the S&P; Thursday's doji offers a clear inside day to Wednesday's relatively broad red candlestick.
Not much to get the juices flowing in the NASDAQ.
The Russell 2000 is still working to a new 'bull flag'. Nothing to swing it either way just yet.
The Discretionary:Staples relationship (via NYSE:XLY:NYSE:XLP) has finally reached resistance. If this proves to be a reversal point then it's going to happen next month.
This could turn out to be a slow burn reversal but the market does feel toppish; feeling and reality can be two totally different things so don't let profits slip if you have them to protect.