Consolidation todayAnother point confirming the rally is that the financials $rifin made a higher low Aug 27 vs Aug 25th. The S&P made it's slight lower low. Financials lead in either direction.
The same thing happened early Aug when S&P was trading in the 1120's. We saw higher highs for S&P and lower highs for financials during that topping process.
Today, financials are weaker so we are waiting for them to consolidate today. There is a layer of resistance just overhead Friday's highs. I suspect that we will gap over that.
SC