Caution...Or Not?

Ever had that feeling
Almost broke in two 
Said that you were leaving
Like you do, like you do
--ABC

Although major stock indexes are running toward new highs this am, hard to see them capturing the flag without participation by the banks.

Following a lift when it needed to a couple of weeks back, the bank index has once again flipped over and is marking new lows as it heads toward the bottom of the trading channel. Today's heaviness (see that inverted hammer in yellow?) in the midst of a broad lift in the tape is a signal that strength is being sold in this sector.

Because rhythm has largely left the markets, perhaps all of this means nothing anymore. In the 'old days,' however, weakness in the banking sector on a big up for the overall tape would constitute a significant caution signal.