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Mid-day Technical Thoughts- Video, and charts of interest

Wed mid-day Technical Video-  Showing key areas for S&P which if broken, would lead to acceleration and also what needs to be recouped to rally




Summary-   If today’s weakness gets under 2769.. it will lead to a bit more acceleration and S&P falls to 2745 into July 13.  For now, not much sign of much weakness after 6 of last 8 days of gains.  Breadth today is barely worse than 3/2 negative and prices are still near yesterday’s lows.   So MORE needed for the bearish case.  Daily momentum still positive and prices are up from last nights’ lows.


Additional Long ideas outside of what was mentioned this am:   TNDM, RUN, TWTR(still no weakness after several attempts). LSCC, APC, ERX(Energy weakness overdone) LB, MNST,  CPB

Shorts:  EL, FOXA, ALK, UAL, PCAR,


IS today the start of the pullback?    Despite today’s selloff and understandable reasons to THINK markets are weakening for the right reasons..   Tariffs/  accelerated Trade war tensions..  otherwise.   It’s still difficult to say that technically.   While 2800 was important..  and there were some signs of breadth drying up on the early gains yesterday..   we failed to see the kind of exhaustion that would lead to a larger peak

I’m still eyeing July 13 as being important time-wise.. And had thought this would be a HIGH.   Now potentially if S&P gets down under 2769..  this will likely be a low and S&P would get to 2745 or so.   However, on every pullback attempt, fear is rising pretty quickly.   And the advance/Decline is back at new all-time highs.  So while a few stocks have produced the majority of gains for this year.  We’re still seeing other sectors come in and bail out the Tech and Financials space.   And bottom line.   IWM, SML, NDX MID back at new all-time highs and near those levels.  While NYA had made a short-term breakout in early July.  It is difficult just yet without any weakness.. to think that a large selloff is upon us.  We’ll see.  For traders.   2769 is important today.  UNDER THIS would lead to deterioration and a quick test of 2745.   Any attempt at regaining today’s early losses would also be important.   Europe right now. And Asia look like better shorts than the US. Many of the FANG stocks.  GOOGL in particular.  Still look quite strong.     For today. Both Gold and Crude


HOURLY S&P -   UNDER 2769 will in fact lead lower and likely to 2745-  For now. This has held .  


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S&P-   After 6 of 8 days of strength.  Pullback is near yesterday’s lows.  Yet breadth for now. Still not that negative.. at just -3/2 negative

We’ll need to see more to think the next couple weeks could selloff into July 27.  For now.. 2769 will be key between now and the close

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GOLD-   today’s weakness to multi-day lows suggests further pullback to 1240 again for a retest.  So the advance yet again has been postponed

Gold and gold stocks for the next 1-2 weeks likely are still under pressure. And we’ll need to see Gold stabilize a bit more

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