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US Markets still not matching the selling intensity of Europe, Asia, but Technology weakness still important

Thursday Technical Video-   5 min-  there will not be mid-day videos over the next 2 trading days, as I’ll be conducting a private 2-day Client Teach in, in NYC but will resume on Monday

The daily reports will continue Thursday and Friday-  Thanks for your understanding

https://stme.in/f0DEZE6M6m

Thursday Technical Webinar link-  20 min overview of Global asset markets, technically-  and Charts of 5 top longs and shorts

https://stme.in/NEOsL45We3

US indices remain weak, but have not really shown any real acceleration which has  begun to happen in the rest of the world.

Both Europe and Asia have shown more meaningful weakness, and in particular..  Europe’s SX5e and DAX have broken down out of near-term support ranges

Market performance today is largely flat outside of what’s happening in Technology which with a -1.5% decline, is causing most of the breaks in the US indices

In turn.  Money has flowed into the defensive sectors and both Utilities and Staples are rallying sharply

Both S&P and NASDAQ have gotten under early areas of support.  2885 for S&P.. but yet, sectors like Financials and Industrials are positive today and 7 sectors out of 11 are positive with breadth just 3/2 negative

 

Signs of Yields turning lower would give more confidence of Financials starting to weaken, which in turn would allow for the US decline to become more broad-based

For now, these are the charts which seem important for today

 

S&P broke 2891 and also 2885, but regained in a pattern that’s become familiar over the last week

Movement back to the lows and closing UNDER 2885 into the bell would be more negative heading into end of week

Until then.. its better to stick with Europe and Asia shorts

Sept 6.gif

 

DAX-  Break of this diamond formation is a negative for German DAX

sept 6 2.gif