March 17, 2021, 12:46 am EDT
Instead of excitement at a new record high level, stock markets showed signs of fatigue with low volume and breadth readings as shown. Nasdaq100 displayed more bearish bias when the index was flat today.
Overall, the market does not have strong leadership. Starbucks (SBUX) +2% made a new 52 week high that presents optimism on COVID-19 and economic re-opening. Consumer-related products or services may be still the best choice.
The downside risk is still on rising yield. If the 10-year bond yield surpasses 2.0%, it would produce a strong impact on the housing market and stock markets.