Tuesday mid-day technical video:
Continuation of gains today has helped XLF officially break out to the highest levels since March and has put S&P now within 25 points of all-time highs made back in January. NASDAQ 100 is within 35 points of late July highs, but still showing divergence with S&P. DJIA now has joined S&P and highest since late February. Additionally, the S&P Mid-cap index and SML – S&P Small cap index have broken back out to new highs today.. (MID at 2016, exceeding June/July highs as well as Jan highs of 2001.48. ) - The near-term trend is certainly stretched near-term, but looks likely to climb into tomorrow/Thursday before any peak. This would represent a perfect 180 day cycle from the February lows, and important time-wise.
Energy showing good gains and the only sector up more than 1%, while Industrials and Financials both strengthening and higher than 0.75%, while the former leaders. The Defensive sectors.. are down- Staples, Utilities, REITS. Heatlhcare lagging and some evidence of this sector stalling out and peaking.
ENERGY LONGS TO CONSIDER: COP, MPC, MUR, ANDV
FINANCIAL LONGS TO CONSIDER: ICE, NDAQ, V, SPGI
SPX- 4 hr chart- 240 min bars.. since early July shows the extent that stocks have rallied in the last 4 days.
Some bullish action out of Financials and industrials.. but still quite stretched here. Former all-time highs lie about 25 points higher from late January and are important as resistance
XLF- gains at highest since March today. However, sub-sectors like KRE, KBE have not broken out.. so this remains some selective longs like Berkshire, BlackRock, Franklin, Discover, Lincoln all up more than 1.5%.
However, lots of weakness /underperformance within the insurance names- CINF, AIG, RE
Industrials is now turning up sharply and very well could join Financials to make a minor breakout, just at a time when indices have gotten quite stretched.
TSLA- Odd news today regarding Elon Musk tweeting today about possibility of going private and creating a special fund for current investors to be able to stay in TSLA if it does so
TWTR has been halted.. as of now.
Technically this has consistently been choppy, but structurally a lot more sound than many investors have been willing to give this credit for
Getting up above 374 would allow this to climb up to near 419-420 in a breakout. And ironically the Demark stopout for one of the exhaustion signals lies right near this 419 area which is the price that Musk had mentioned would be a possible area where this might be taken private