Early strength was sold, pushing indices back to flat, but it looks like a short-lived dip, as the small-caps are already back at intraday highs.
Breadth is running just about dead even, but there are 136 new 12-month highs to just 44 new lows. There is strength in the beaten-down retail sector, which is seeing some upside today on names like Signet Jewelers (SIG) , Guess (GES) , Abercrombie & Fitch (ANF) , Perry Ellis (PERY) , Michaels (MIK) and Fossil (FOSL) . Opticals are another sector doing well. The Nasdaq 100 ETF (QQQ) is the laggard as Amazon (AMZN) and Alphabet (GOOGL) lead to the downside.
It is mixed and random action, as the market looks ahead to speeches tomorrow at Jackson Hole. Although expectations for surprise news is quite low, the market will likely use the event as a trigger for some movement. The computers are programmed to react to events even when those events aren't surprising or consequential.
Individual stock picking continues to be quite challenging, as there isn't much trending action. One name I'm watching, which isn't particularly attractive on a technical basis as it is still under its 200-day simple moving average, is Nutanix (NTNX) . It was recently called a take-over candidate by Goldman Sachs (GS) and had a strong recommendation from Jeffries. I'm building a position and will add as the technical pattern improves.