Main indices are losing some steam following last Friday’s rally. This is a week will be packed with the key jobs data and Fed Powell’s congressional testimony, where he is expected to reiterate the same narrative…. that there is no rush to cut rates. This morning, Atlanta Fed President Bostic was singing the same hymn – higher for longer.

Communication Services and Consumer Discretionary are the only sectors down more than 1%, feeling the weight of weakness in Alphabet (GOOG) and Tesla (TSLA).

We see a very intriguing move in regional banks (KRE), which are starting to pick up some momentum, even as New York Community Bancorp, Inc. (NYCB) hit new lows. Meanwhile, Financials (XLF) are struggling to hit a new all-time high.

Breadth shows that there is a lack of conviction between buyers and sellers.