Please enable javascript in your browser to view this site!

Technology decline a likely headwind for Equities in early December

Last day of the week but the first day of December.  Trend bullish but stretched and upside should prove limited into early next week before at least a minor pullback-   For today- Minor losses in both US futures and in most of Europe while Asia has been largely mixed today- Bond yields have pulled back a bit after recent breakout, but little overall volatlity in WTI, nor Gold and Dollar higher just fractionally-  Markit Manufacturing PMI data due out at 945 and additional ISM data out at 10-   Overall, Trend has reached levels where further upside might prove difficult given combination of low Put/call data, Demark 9-13-9 patterns while both Financials and industrials have gotten stretched while Technology looks to be turning lower, down 5% on the week-  Resistance today near yesterday's highs 2658-9, then 2663-4, while on downside, overnight lows at 2631 should be important, then 2627-  Premkt gainers in FMI, SRAX, PLUG, NTNX, AMPE, SSC, AMBA, GROW, while on downside-  GCO, ULTA, LLNW, ZUMZ, GST, BIG, RAD, lower-   Let me know if you have any questions

ESd.gif