Link to today’s Technical Webinar
4 sectors up more than 1% today with Materials up nearly 3% alone with the Dollar pulling back and Mining stocks and many chemicals acting well.
Breadth is about 3/1 positive, and yields have moderated a bit after early gains.
Stocks making very good moves which are on the radar: IIN, TNDM, CQQQ(Chinese Tech), HRTX, HUBS, TOWR, ELY, ZFGN, HD, LULU, MJ
Daily S&P- Continued progress.. SPX broke the downtrend and oct 11 former lows.. now has extended back to yesterday’s highs
Closing here should help this move to 2743-5 area and ultimately near 2775 initial targets
S&P HOURLY- note the appearance of 1 hourly Demark related sell. But the other is early- thus, I expect this to continue to push higher until both are present. At that time, markets might stall and consolidate
XLF, XLI- as mentioned.. both ETFs managed to get back above former LOWS.. making for a bullish snapback that is a constructive move in this pattern.
This is a bullish development and likely tailwind for further market gains near-term
AAPL- Ahead of earnings- Apple made a very good snapback move yesterday that rebounded back above this uptrend that had been violated. This largely invalidates this as being a Head and shoulders pattern and more just consolidation.. I expect a move back to highs, and AAPL is stronger than the FANG group and should be favored.