Trendless market showing some weak spots

Pisani's market open: Trendless, frustrating month

The trendless market is showing some weak spots. It's been a frustrating month for active traders. The has not seen two up days in a row since May 14 to 18. The Nasdaq has not seen two up days since May 20 to 21.

We noted yesterday that the average is now in correction territory, more than 10 percent off its recent historic (closing) high, which it hit in December.

The good news is very few of the indices are anywhere near correction. The S&P 500, for example, is only 2.6 percent off its historic high, which it hit May 21.

Nor are any of the other major indices near correction.

Major indices (percent from historic high)

  • : 3.2 percent
  • S&P 500: 2.6 percent
  • Nasdaq: 1.9 percent
  • Russell 2000: 1.9 percent

However, several interest-rate sensitive sectors are showing signs of weakness: