Joe Friday’s famous line was…“Just the Facts Mam!”  The Facts... broad markets remain above support and inside of their respective flag/pennant patterns. As of Friday morning, pre-market, the NYSE and 500 index remain lower on the week!

Relative weakness winners, like basic materials (IYM), remain over 2% lower on the week and again reflected relative weakness yesterday as the S&P 500 gained almost 1.5% and IYM was flat for the day.

In the past, during quality broad market rallies that lasted, you didn’t see sectors such as basic materials reflect this type of weakness!

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past