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Wed am Techincal thoughts

Video will be put out at 12 noon today

 

S&P up about 12 handles off early lows.. And difficult to make too much of this right now-Despite thinking prices yesterday were at critical resistance.   Area near 2784 initially important on rally w/ ability to get back OVER yest lows at 2787.75 in ES likely to lead back to highs-  2765 impt on downside, reached last night around 9pm in Electronic trading-  UNDER allows for deeper pullback into late Thur/Friday to 2745-  Most of Europe and Asia down over 1%.. So US futures pullback is relatively mild thus far.  US Dollar gaining ground on tariff concerns.. Gold lower fractionally,  COPPER down nearly 3% under 277.. And nearing 265 target as laid out over last few days-  Favor Staples right now and buy pullbacks in Energy-  Avoid Financials and Tech-   Given Dollar’s attempt at trying to rally.  I suspect Gold’s larger move up likely won’t happen until late July, as Dollar is taking some time to peak out and important for the Gold trade

 

 

S&P_ HOURLY

 

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S&P HOURLY-  shows prices hitting prior highs at 2800 and making mild pullback..  but tough to make too much of this given limited extent of todays’ decline

We’ll see how deep of a pullback happens, but for now, its right to consider buying pullbacks vs the 2765 area and consider that prices might gain ground which is exactly the opposite of what many are thinking as fear starts to permeate markets once again.  IF futures get back down under 2745.. then more credence can be given to the idea of a larger decline.  For now.. as discussed,   prices are well off early lows

 

 

 

Incredible the extent to which AMZN, NFLX, MSFT, AAPL have contributed to markets returns this year

Nice colorful table, courtesy of CNBC’s Hum on the Markets

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