Mega-cap growth stocks led another up day while Energy (XLE) bears have made a hasty retreat, and Industrials (XLI) continue to frustrate. The biggest winner so far is Communication Services (XLC).

Semiconductor names are also enjoying a solid session.

The VanEck Vectors Semiconductor ETF (SMH) chart remains a juggernaut, staying well above the 50 and 200-day moving averages.

The narrowness of the rally is underscored by the correlation between the index and its advancers.

With earnings from big banks out next week, today’s weakness is even more worrisome.  From a technical perspective, a close below 49 would confirm a double top, which is a negative chart formation.  Conversely, holding here above the 50-day would send a strong signal.