Lots of broad based deterioration in the U.S. stock market this week. Homebuilders and banks got hit particularly last week along with some industrial stocks. There aren’t too many stocks making new highs either. It’s going to take more than a new fast food chain (LOCO) to push this market higher.
Commodities still aren’t acting well either and I’m paying close attention to how the chart of the continuous commodities index plays out. The grains have crashed again which has pushed commodities lower. Oil and natural gas have also pulled back. Coffee actually had a nice rally again though which I actually covered in a previous article, as it found support at the 30-week moving average.