Please enable javascript in your browser to view this site!

Narrow range could lead to breakout into/post inauguration

as of 1:30.. S&P still showing mild losses with breadth about 3/1 DOWN.. Only Industrials and Telecomm are higher today, all other sectors lower, led by Real estate while Materials, healthcare and financials all down by 0,.50%-  Key Developments for today focus on 2 things-  Treasury yields breaking back out to the upside after recent consolidation.. and Industrials attempting to breakout which is largely just RAILS (CSX was higher by 20%) , but a meaningful move in both the absolute and relative charts of industrials vs SPX and should lead this group to outperform in the near-term-  For now this yield breakout has not yet been followed by Dollar index, though it is positive today but will need to clear 102 which would result in a much bigger breakdown in Precious metals- -  For S&P-  UNDER 2260 would be an initial warning but really under 2249 necessary while climbing back above 2270 turns the near-term clearly bullish-    For now, consolidation has not damaged the technical trend over the last couple weeks, which is growing narrower and narrower, leading up to a breakout -  Let me know if you have any questions