Sticky Level

The bulls couldn’t ask for better price-action thus far as the market is refusing to pull-back and instead is constantly digesting thru time and then making a leg higher.    We are at a sticky level– one we posted last week — the $SPY 134.8-135

Extended into a major resistance area but handling it well so far– the more we base near 135 the better the potential break-out will look.   We’ve mentioned for a while that our favorite sector right now is the $XLE — good bases in this sector and not extended (compared to market).     That’s the place we have been and will be focusing for near future.