Thursday Technical Video
Technical Analysis Video Webinar, 15 mins. Today 1pm EST- https://join.startmeeting.com/info69336
Dial-In Number (United States): (701) 801-1211, Access Code: 840-955-999
Trade issues taking center stage again and many wondering if Trumps comments towards not extending Steel/Aluminum tariff exemptions towards the EU will lead to anxiety about upcoming China and NAFTA trade negotiations. Most of Europe is mixed today.. Italian yields have pulled back and the EURO has stabilized a bit.. but most charts still show the yield breakout for Italy to have further to run, while the breakdown in US and German Yields still looks serious and to have more to go. So thinking all of this was just a one-day affair might be shortsighted and particularly important to keep a close eye on US TY YIELDS given their tendency to lead Financials, which have begun to stabilize. For today. Gains in JLL, FRO, GM, TECD, BURL, AKS, AAOI, TOL, ALV and on the downside- SHLD, DG, BOX, CIEN, MU. LB, CLSD
At present the bullishness of technology and well above average breadth yesterday with the stock market reversal back higher are bigger positives than the lack of volume .. but it will be necessary for Yields potentially to turn up sharply and for Financials to start to rally to think this rally can extend too much more into June. Just in the last 20 mins, S&P has cracked the lows of this Triangle which is a minor negative for today in the short run. See below
S&P is attempting now to break down out of its triangle that had held since yesterday around noon.. so regaining this will be key to have hopes of a rally today and getting back over 2722 and regaining 2727
Key area to buy dips lies near 2709 for today. The same area that was exceeded yesterday which caused the surge.
Hourly charts show S&P to have carved out a minor triangle pattern in the last 12 hours after reclaiming 2709 which caused a surge back to near mid-range of this ongoing consolidation.
But in the last 20 mins this is showing evidence of being broken.
Yields had attempted to push higher this am.. but have stalled and trends remain NEGATIVE for 10yr YIELDS after this breakdown.. which could have important implications for Financials
Steel should be watched carefully given Trump’s comments about not extending Tariffs to EU and Steel/Aluminum tariff possibilities
Stocks like X, AKS are attractive here. And SLX has pulled back to near support. So this is an area to consider for long exposure