In recent sessions there has been stepped up rotation where we have seen some profit taking in technology categories into some of the more traditional cyclicals. 

With the market in a consolidation phase, I thought it might be appropriate to revisit and revise my support and upside target levels for the major market indices. 

Artificial Intelligence, and other of the tech-related sectors, were generally under selling pressure yesterday. Not a big surprise given the big gains they have amassed year to date. 

“Event or non-event?” is the question as we await today’s Fed decision. I’m going with non-event mostly because of the action in the underlying market. 

The stock market is in Fed-watch mode…or is it? It seems the market’s focal point has been stretching more toward the horizon, and is not so reactive to day-to-day events, or even the Fed meeting. 

I’m not a big proponent of the 20% rule — that rule calls for the market to be in a bullish cycle if a particular index goes up by 20% or more from its low point, or bear market if down by 20% or more. 

This week’s market action has reinforced the pivot qualities of last Friday’s trading and I think we could see a continuation of that. 

There is an A-list of sectors and themes that appear to be establishing attractive technical bottoming and base formations that could indicate reversals for these categories.