The strong earnings report from Netflix (NFLX) is helping to create some sympathy buying in big-cap technology names. Facebook (FB) etc. are running up on strong buying and other names such as Twitter (TWTR) and Arista Networks (ANET) are coming back from recent struggles.
Goldman Sachs (GS) is unable to gain traction on its report but financials are acting better and that is helping to keep the S&P 500 at the highs.
The big change today is in leadership. The price action is quite different when we have big liquid names that are leading. Recently, the indices have been gaining but there hasn't been any real leadership to attract sustained interest. That has changed Tuesday and creates a much better tone to the trading.
I still don't see a lot of great chart setups on my radar but some that are looking much better today are Casa Systems (CASA) , Baozun (BZUN) , PagSeguro Digital (PAGS) and Rayonier Advanced Materials (RYAM) .
What the market needs now, to really change the character of the action, is a strong close. We have had pretty consistent weakness in the last hour of trading lately and that needs to change for the price action to further confirm that we are in an uptrend.