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Mid-Day Friday Technical Update- Technical Video, Link to Yesterday's Webinar, New Buy/Sell ideas, and YOUTUBE access

Friday Mid-day Technical video-  SPX analysis, XLF and Financials relative to SPX, XLK-  5 min

https://stme.in/AjBaNoxrVB

 

Link to Yesterday’s Technical Webinar-  20 min overview of Global asset technicals

https://stme.in/KWJGLYbh4g

 

 

Attractive Buy/Sell ideas specifically based on This morning’s early movement-  which could work for the next 2-3 days:  

LONGS-  KFY, JEC, MELI, MDU, GWPH, IMMU, PCAR, ULTA, CXO, CMI

SHORTS-  UAA, C, DFS, MAT, T, SYF, WDAY, BKNG, RF, AXP

 

Stallout/reversal possible starting today/Monday-    S&P got up to resistance at 2805-2810 late last night before pulling back 10 points from overnight highs, Bond yields have been not following stocks higher and evidence of upside exhaustion in Technology,  XLK, NDX while Financials not participating-   2795 importnat in S&P Futures.. While 2770-3 is the larger area of support -  2805-2810 is still quite important for SPX near-term. -  Favor Healthcare, Energy Staples, while avoiding Financials, Technology

 

Financials attempted to snapback partially after early opening losses in WFC, C, JPM, but the group has hit new relative lows vs SPX and still one to avoid in favor of Staples, Energy and Heatlhcare

The Dollar has given back early gains, while gold is fractionally lower and Crude has moved up above $71-  10yr yields are at 2.835 while the Yield curve has flattened further down to 25bp

 

 

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S&P HOURLY chart--  Area at 2807.25 important for the next few hours today..  The early pullback found support and has bounced, so for the bulls.. getting over this 2807 and ideally over 2810 is needed, while under 2793 on the downside would likely lead down to 2770-3

 

 

 

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S&P   240 min chart-   First evidence of 4-hour charts showing exhaustion since late June,  which was confirmed this am-  Now we’ve snapped back, so the area near 2810 will be important

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XLF-  Todays early pullback to new 5-day lows is not what was needed to think Financials can turn up.   Closes down keep this trend headed lower and has potential downside into 25.75-26

 

 

 

 

 

I have Set up a YouTube Channel and invite those that enjoy Technical content to peruse and subscribe

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Have a Great weekend

Mark