Market action is mixed, as we await the posting of the minutes of the last Fed meeting. I don't expect much of a reaction to that news, since it is old at this point, but just having it over with may be helpful. The market is digesting the news flow well, and that will help advance the corrective process.
The Nasdaq is leading, and the Dow Jones is lagging, as we have some rotational action. Big-cap growth names are leading. The IBD 50 (FFTY) is up 1.4%, and ARK Innovation ETF (ARKK) is up over 1%.
I'm seeing more interest in individual stock picking, but it is still quite choppy. The recent technical action has been productive, but it isn't consistent enough to help increase confidence levels. What is needed is enough sustained strength to cause some fear of missing out. Market players are not feeling any pressure to put idle cash to work yet since there isn't any sustained strength so far.
The main thing I'm watching for is a change in the recent pattern of selling in the final hour of the day. There is an old market belief that "dumb" retail money buys the open and "smart" institutional money buys the close. That dynamic may be outdated, but strong closes are certainly more bullish than strong opens and then an all-day fade.
The corrective process is advancing, and there are some positive signs in the price action, such as better stock picking, but it is going to be the reaction to upcoming earnings that will tell the story of the market. I continue to be optimistic that better trading is coming soon.