Witnessed at a traveling fair, one of the “fun” rides requires you to lie horizontally on your stomach and strap yourself in.

As the ride begins, you whirl around in circles faster and faster, clutching on to the shoulder supports for dear life. Your head vulnerably extends to the passing wind.

Luckily, should someone feel sick, all they have to do is face the ground below and hope that gravity works in their favor.

Exaggerated of course, the ride bears analogy to how it feels to trade when many instruments make new highs while others look poised to fail.

Today is classic.

As equity continues to flow into Nasdaq and the FANG stocks, money drained from several financial and transportation stocks, metals, and energy related instruments.

Transportation, Biotechnology and Regional Banks of the Modern Family confirmed Warning Phases.

Retail improved, should it confirm, to an Accumulation phase meaning it cleared the 200 DMA.

If the market has us strapped in to this rally, at what point does the height and speed make us feel nauseous?

First, a bit of a review.

Yesterday, two of my favorite beat up stocks, 3-D printing and First Solar had great runs. Today, they had follow-through.

My short pick Fox, remained red.

Commodities that rebounded yesterday, fell today.

Europe and particularly emerging markets (EEM) kept up the course towards improving economic growth with a gain in the ETF of over 1%.

Two countries I featured recently, Greece (GREK) and India (IFN) remain big winners.

The girl in the photo looks at her friends as if to say, “Am I nuts?”

When this week began on the heels of the French election, it seemed a given that the S&P 500 would gap higher and keep running. It did not.

The Russell 2000 started out today looking better. By the end of the day it turned red.

The danger of holding into earnings arises with YELP. The stock fell by over 29% after it reported.

If that’s not enough to make you dread your position on the ride next to the person who is long that stock….

Semiconductors on the other hand, made new highs. Nvidia reported running up over 10% after hours.

Such is the way of the market ride.

You buy your ticket looking for fun. Those with equilibrium will enjoy the thrill. Those with a more delicate constitution might heave.

S&P 500 (SPY) 239-240 resistance could turn into a launchpad if all goes well. 237.70 key support

Russell 2000 (IWM) 2 Inside days. 140 pivotal. 141.50 to clear and 136.75 to hold

Dow (DIA) Resistance at 210-212. 207.70 support

Nasdaq (QQQ) New-high close for the third time in a row. A charm?

KRE (Regional Banks) If clears 55.40 better. 53.68 should hold if good

SMH (Semiconductors) 80.00 super pivotal. Through 81 new highs

IYT (Transportation) confirmed warning phase. 161.50 support and through 166 much better

IBB (Biotechnology) confirmed warning phase.

XRT (Retail) Unconfirmed Accumulation phase-has to close over the 200 DMA again

IYR (Real Estate) This sector does not look like it’s at the same party

GLD (Gold Trust) 115.55-116 held. Might be worth a probe over 116.30

GDX (Gold Miners) Trying hard to hold on

XME (S&P Metals and Mining) A move over 28.81 will be a good start

USO (US Oil Fund) Could surprise but for now under pressure

XLE (Sel Energy Spdr Fd) 66.00 bottom line support

TAN (Solar Energy) Over 18 so could be worth a probe.

TLT (iShares 20+ Year Treasuries) 120.77 to 120.14 support held. Then, 117.50 next. Resistance 121