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Key Area for S&P- 2700, under leads to 2683 quickly- Thur am Video, Link to Real vision, Webinar info

Friday am Technical Video, discussing SPX, YIELDS

https://stme.in/DUKv7rQgFY

 

Real Vision Interview.. talking Markets from earlier in the week and some reasons for concern-  and Healthcare

https://www.youtube.com/watch?v=WPKGPXYjebc&feature=youtu.be

 

Today’s Webinar info

Technical Analysis Video Webinar, 15 mins.  Today 1pm EST- https://join.startmeeting.com/info69336

  Dial-In Number (United States): (701) 801-1211, Access Code: 840-955-999

 

 

Trends negative and likely to pullback to 2683 before any real support-   Undercutting 2700 from earlier in the week is a negative.   We discussed earlier this am in the Morning piece the signs of positive divergence, and initial evidence of fear rising.. but we’ll need to see more evidence of Equity Put/call ratio getting above 1..  a HIGH TRIN reading with outsized volume into DOWN vs UP-  This month is playing out nearly exactly like the last 4 months.. early month low, mid-month peak and late month low, but this go around, we have Treasuries staging a pretty big rally and yields have undercut weekly lows and seem poised to move lower.

Watch Financials and Tech, these are the groups which comprise over 40% of the market.  For Stocks to work.. these need to stabilize.  And now that the trend has turned more sharply negative in the near-term, we’ll need to see signs of fear escalate.  But buying this dip into end of quarter on Friday ahead of the July 4 holiday makes sense given some positive divergences.  S&P just needs to get a bit lower today into tomorrow

 

 

 

Initial support near 2683-5-  To be constructive,  S&P will need to recoup 2700 at a minimum

 

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CREDIT finally becoming an issue?  We’re seeing High Yield OAS spread move up above June highs after successively higher lows

Cash indices gapped lower this am..  so initial evidence of Credit spreads starting to widen out is present which hasn’t really been seen this year all that much

But now patterns are growing more bullish on these High Yield spreads , which could be a problem for July

 

 

 

 

 

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