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S&P with initial support 2735, and max of 2709 for this week- Buy Healthcare, and Gold.. look to avoid Technology, Industrials, Financials - Monday am Technical Video

Monday am Technical Video-  S&P, SX5E, XLI, XLV-  

https://stme.in/lba4GSWICQ

 

 

Technical Webinar from last THURSDAY-  discussing global asset technicals.. stocks, bonds, currencies, commodities

https://stme.in/y87RQhYBKd

 

 

 

Final week of Q2,   S&P weak this am and has fallen down to test the area near Thur/Friday lows of last week.   Europe down 1.5%, while Asia also lower

Trends have been mildly negative since mid-June, yet still fairly resilient given no real breakdown thus far, despite some real weakness in Industirals and Materials stocks

Key for this week will be the ability to hold 2735 near last week’s lows for S&P, while 2760 is the key level on the upside-   As written in Weekly report.. Expect first couple days of this week could prove negative, before a seasonal low takes hold and stocks rally into end of week

Early gainers in CPB, HMNY, FCEL, DRYS, FSLR, MNKD, MBT, while on downside- CASI, AXON, SMAR, NTLA, FRO, ATI, ZUO, MU, KR, INTC, FTI, BOX, KMX, COG, BHP, BIDU, ZTO, CS

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S&P-  Hourly charts show this churning over the last few weeks and not much net change.. but the area near 2735-45 stands out as having importance for S&P

So last week’s lows, shown near this flat White line.. at 2735.. will be support for the next few days on weakness-  UNDER this points to 2709 while movement above 2760 initially important

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Industrials should be due for a final pullback to under last week’s lows, but this is likely to bring about a chance to buy this dip in the short run, for a seasonal bounce head of the Holiday before additional weakness

Any pullback under 72.11 down to 71 should be an excellent area to cover shorts in Industrials and think that lows are near

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GOLD-  we’re getting very close again to a time when Gold should start to turn higher in its seasonal bounce, and Charts from 2013 show the area from 1240-1265 as being an excellent risk/reward to buy Gold in the coming days on any weakness after this dropped nearly $100 over the last few months.   The bullish pattern has not shown sufficient trend damage to think Golds structure has turned intermediate-term bearish, but this neutral structure over the last 5 years is actually a bullish base which should give way to prices turning back higher and challenging this key 1370 area.

Given that the Dollar is starting to peak out while yields have continued lower recently on the long end, we should be getting close to a time that Gold turns back higher

Seasonality and sentiment both back up this technical argument 

 

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