Light volume day with no real significant moves. The NASDAQ is challenging the breakout point and the Dow closed above 10,500 barely. The S&P 500 moved to 1114, but it didn’t feel like a move at all. The mid and small cap sectors were the leadership today moving up 1.4 and 1.7% respectively. The move gave indication the laggards are picking up and everyone is now at the same point – the October and November highs. It break higher or retrace? Which is it?

I am leaning towards the break higher scenario with the push by the broad markets to this point. What is the catalyst? FOMC meeting? Confirmation the Fed is going to raise rates? We’ll see not long to wait on that announcement.

Hit the entry on IYT from the watch list and the Scan List is updated today.