As we kick off the New Year, I’d prefer to see how the day (and week) ends before reading too much into any chart developments although I would like to highlight at least one thing that stands out so far today which is the fact that almost all of the gains in the market so far today are due to aggressive buying in the tech sector and not a broad-based (heathy) rally.

As of the time these 60-minute chart screenshots were taken (9:55 EST), the tech-heavy Nasdaq 100 (QQQ), with a 46% weighting in the tech sector, was trading up just over 1% with the Russell 2000 Small Index (with a 13.5% tech weighting) trading down -0.04%. The technology sector also has the largest impact on the performance of the S&P 500 (SPY), albeit at about half of the impact that it has on the Nasdaq 100 at a 23% weighting in SPY, which is trading +0.57% (~half of the gains on QQQ). Also worth noting is the fact that the negative divergences on all three major stock indices are still intact for now.