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Quick thoughts ahead of Call- SPX, NASDAQ breaking uptrend

Thursday mid-day call-   Webinar starts in 30 min- Details below

https://www.youtube.com/watch?v=aaa9kMW2Fl4

 

 

S&P, DJIA and NASDAQ all down more than 1%.  NASDAQ 100 down nearly 2%. 

Breadth is 4/1 negative-   Crude falling back to 75.   Discretionary, Healthcare, Tech and Communications all down more than 1%

Only Financials and Utilities positive but Financials were up more than 1% and have given back all of earlier gains


SPX, NASDAQ have broken uptrend lines from late June while DJIA is right there.  UNDER 26349 in DJIA and 7400 in NDX will be important.

But a break given this ongoing negative breadth and momentum is the first sign that price is rolling over to AGREE with what’s been going on in momentum and breadth for the last 2-3 weeks. I would view as a negative on any failure to recoup today’s decline

S&P Futures have broken 2907 the late Sept lows and also the trend from late June-   this happening at a time when breadth and momentum have already been quite weak likely means that our long-awaited pullback is likely here.  Closing today UNDER 2907 in Dec S&P Futures and 2903 in SPX cash is important and looks to be a technical negative

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NASDAQ also breaking its multi-month uptrend today under 7535..  with 7400 being a more important line in the sand

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TNX-  2nd day of spike in Yields.. which have definitively broken out of the 24-year downtrend

Near-term stretched.  Expect short-term PEAK in rates 2-3 days.. and down to 3.12-3.15 which should be a chance to sell Treasuries

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