Another light volume day but still this short-term overbought market needed a break. 

Negative news released Tuesday didn’t help markets as Fortress closed a large hedge fund after 2015 losses. Somewhere there is an accident whether it’s Fortress, Glencore or some other bad actor. Below is a chart indicating this likely situation.

Market sectors moving higher included: Gold (GLD) and little else.

Market sectors moving lower included: S&P 500 Index (SPY), Tech (QQQ), Healthcare (XLV), Biotech (IBB), Financials (XLF),Transports (ITY), Small Caps (IWM), Energy (XLE), Retail (XRT), Homebuilders (ITB), Semiconductors (SMH), Industrials (XLI), Materials (XLB), REITs (IYR), Emerging Markets (EEM), UK (EWU), Germany (EWG) Spain (EWP), Europe (VGK), Brazil (EWZ), India (EPI), South Korea (EWY), Taiwan (EWP), Canada (EWC), Australia (EWA), Japan (EWJ), China (FXI), Shanghai (ASHR), Crude Oil (USO) and many more.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume was relatively light but breadth per the WSJ was negative. 

For a trend follower, the news always should follow and support the trend. This is true for any early trends you may spot but without any supporting news.

So what’s the trend now? It’s probably still bullish for the short-term but long-term bearish. This means it’s a market for traders.

Bank earnings are on tap starting Wednesday.

Let’s see what happens.