Coach Mark here.

I was on the Halftime Report yesterday with my brother Matt and we were working through charts as part of our Macro Monday edition of the show. On each Monday we work through the sectors and broad areas of the market as we discuss the macro backdrop and week ahead. I enjoy this show each week as both a presenter and a consumer as it helps me stay sharp for the week ahead.

As we were going through charts we flashed to the S&P 500 a few times. The S&P 500 was down a touch on the day as we were doing the show but I could not help comment on how controlled and orderly the pullback was. The S&P 500 has been rallying for months now and while there have been pullbacks, they have been very shallow and most of them orderly. Control and order are an element for the bulls, even in pullbacks, and when pullbacks and/or consolidation is orderly it has set up the next leg up in the market. This control was evident in the pullback on the S&P 500 yesterday.

Stocks cannot go up every day in even of the strongest trends. They need time to digest price movement if you want the trend to be stable. This is true in even the never-ending trend we are in. One day the trend will end but until that day on pullbacks look for control and order as it is likely setting up the next bullish move.

Have a fantastic Tuesday!

Chart of the Day: S&P 500 (/ES)

One for the ages, the downward price action the last couple of sessions was very gentle setting up the next potential move up in the S&P.

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