While Monday's opening trading action is weak there is some support and a couple of minor tries at a bounce. Lately bounces have not been strong enough to push the indices very far into positive territory, however. Dip buyers are out there but they haven't stuck around for long.
Breadth is poor at more than two to one negative. The number of new 12-month highs to lows is about 40 to 160. With numbers like that you shouldn't expect there to be much upside momentum and that is indeed the case.
There are a handful of small-cap "junk" names with a little action but so far we aren't seeing much in the way of typical holiday speculative action. I suspect that traders aren't finding much so they are heading for the beach instead of struggling with this market.
Although oil stocks provided good trading last week, they are down on news that President Trump is pushing for increased supply from Saudi Arabia. I suspect that crude will find some support fairly fast and set up again, but it may take a few days for those charts to develop.
As mentioned before, I'm sitting on very high cash levels right now. That isn't because I'm a growling grizzly, it's simply because I don't see many charts I want to buy.
There are a few stocks I'm playing with such as Turtle Beach (HEAR) , Stitch Fix (SFIX) , Intelstat (I) and Aeglea Bio Therapeutics (AGLE) . but I'm not doing anything major. With only a half day of trading Tuesday I don't expect there to be strong movement.