Please enable javascript in your browser to view this site!

Financials now breaking out above 1-month Downtrend

Into mid-day..  Minor postive gains but followthrough to yesterday is disappointing ..  Breadth only about 3/2 and Tech and Healthcare are struggling to make progress.   The Big developments concern a minor Breakout in Financials which have gotten above Trendline resistance per XLF while Interest rates continuing to lift, both here and abroad-   USDJPY attempting its own minor breakout here above 2 month trend.. And Utilties bearing the brunt of the rate rise.. Down over 1%, while Real estate also lower by 0.95% bps   Healthcare and tech though negative and from a bullish perspective, would mean more to see these sectors show some real strength-   S&P above 2490 has no real resistnace until near 2500-5, but Next couple days will be importnat to see whether Technology's upward progress can continue.. And for now.. Seems largely to have stalled out in the last few days..  Energy still a bright spot as written about last week and many of the former laggards are starting to move higher, so this also should be watched carefully.. But overall.  Minor followthrough today and breadth and participation a bit less than desired-   Leading stocks in S&P today-  GPS, RRC, PRGO, LB, CHK, CMA, CTL, GT, while on downside-  MCD, ANTM, INCY, MCK, ESS, NUE.  Let me know if you have any questions

xlf.gif