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Mid-Day Update--Technical Video will resume Tomorrow- Survey- Please Fill out

2 hours to go.. we’ve seen Financials attempt to bounce thus far. But overall a mildly weaker session with Crude pulling back 4% and putting pressure on Energy names (7 of the worst 10 are Energy today)

Meanwhile, Technology is weaker and 8 sectors out of 11 are Down with only Financials, Discretionary and Telecom up

Watch Friday’s lows as initial support 2793.. as under would jumpstart a larger pullback

 

I had some issues with the video.. so will catch up with this tomorrow-   IN the meantime I sent out a Survey to clients which I hope you’ll take the time to complete. As it will help me in planning for the weeks/months ahead.  One of the things ive been requested is for the video to be put out at the NOON Hour instead of mornings  as 2 reports early is not as important as a mid-day update.  If any strong opinions on this, kindly let me know.  Thanks

 

 

For now.. the charts

 

S&P broke a minor trend.. and 2793 impt-  Friday’s lows-  UNDER this jumpstarts a pullback to 2770-3 initially

 

 

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A pretty bearish 1 day move out of WTI.. getting down under $68 and giving up more than 50% of the prior rally

7 of the top 10 worst performers today are energy-   I expect a move down to  65.50-67.  But do not expect this trend to be violated.

Therefore.. this pullback, at least initially. Should be buyable sometime this week.   The next 2-3 days should bring about a trading low

Energy names I like buying will be reviewed when most are at support.  But would take a look at HES. Which is getting close as of today

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NYFANG-  FANG stocks peaked out in June and have not been able to move to new highs-   Today thus far is down.. and if this index moves to new multi-day lows it would be important and something to pay attention to

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