Is this Market Really Tired???

The market is at the top of our recent trading range and I keep thinking the market looks tired. But every time the bears try to slap it down, the market digs in its heels and holds on. It happened yesterday as we sold off early and rallied in the afternoon. Today we were down in the pre-market, but the bears have not been able to slam the market.

The market is at an important point. A breakout above the recent S&P 500 highs would be very bullish. Otherwise, we will remain in the current trading range.

Dry bulk shippers opened down this morning but have rallied since and are now trading almost flat. Again, these stocks are building bases, so they are not necessarily screaming buys. But we have small positions in a couple of them and are watching the sector closely.