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NASDAQ looks to underperform SPX, but tough to make too much of yesterday

Eco data-   261k vs 265k-  Headline Durable goods 4.4% vs 3.4%,  Not much change in Futures after this am's info, a bit of a rally in both Stock futures and Bond yields- while DXY giving back some of yesterday's gains while WTI and Gold both marginally negative-  Overall, Tough to make too much of yesterday's pullback for S&P which did violate minor pennant formation but remains over mid-August lows at 2168.50, and if anything the action in the NASDAQ was more negative and suggests that NASDAQ could begin a period of underperformance vs SPX in the weeks ahead.  This could affect Technology with Semiconductor stocks appearing vulnerable for pullbacks from extended state.  But... Equity market action is still largely rangebound since mid-July,  and yesterday's pullback could lead to minor weakness, but at this time, looks unlikely to lead to a larger 5-10% pullback in September.  Counter-trend signals in SPX on Daily and weekly remain incomplete, and tough seeing meaningful drawdown begin ahead of Jackson Hole that would accelerate given bullish structure, good sector participation, positive breadth and momentum, despite yesterday's pullback- IF anything, one can make the case that this market will begin to show more selectivity in the weeks ahead, and the lack of breadth expansion as the market moves back to new highs would then become a larger issue.  Tough to suggest a true inflection point at this time for either SPX, nor SXXP,SX5E.. Key will be to watch action in the US Dollar, & Global bond yields reaction carefully on interpretation of Jackson Hole comments-   For now, area to buy dips remains 2166-8, under leading to 2158-   On upside today's Pivot lies at 2177 for Sept futures, w/ meaningful resistance today 2185-6-  Early gainers in GES, WDAY, BLDP, TIF, MYL while on downside, SIG, DG, DLTR, HPQ, JKS, FI, INFN-  Let me know if you have questions


Counter-trend signals in place to suggest reversal in Ratio of NASDAQ to SPX which could cause some increasing selectivity in this rally- For now though still very difficult to make too much of yesterday as being an important inflection, for SPX.   Semis likely underperform given similar signals in SOX, SOXX