so much for a rally

For the first half hour this morning, the two strong sectors looked to be energy (XLE) and materials (XLB). Plenty of things gapped up today, but these two sectors held on after the first half-hour. So, playing off of that I looked to FCX (as a play off of XLB) and OXY (as a play off of XLE). Both stocks ascended into a base and broke on strong volume, much in the same way their respective ETF's performed.

Things of note from the start of this morning, the NYSE TICK was mostly positive for the first 90-min while price in SPY didn't get beyond yesterday's highs (also R1).It was all bearish breakdown after 11am once not being able to hold R1. Price spent a lot of time chopping around Pivot support before finally breaking down.We're back to a bearish stance on our 15-min perspective.While on a longer time frame (here being a 9-min SPY chart) we cracked an ascending triangle pattern.