Please enable javascript in your browser to view this site!

Tuesday's lows Remain the line in the sand for Equities

Trends remain intact despite todays selling- not damaging for now..-  TUESDAYS lows will remain the key Line in the Sand for this rally and UNDER starts the acceleration.-2789 SPX, and under 7292 problematic for NDX-  But until that happens.  The trends are still ok-   Expect to see some real disjointed behavior though into next week, as Financials up near key levels and stalling.. While FANG stocks have lagged since mid-June-  Defensive issues meanwhile have outperformed over last month.. And Breadth remains UNDER levels seen in mid-June.. So with DJIA trying to break and still UNDER June highs.. We have quite a few moving pieces and anything but a broadbased market right now- Treasury yields have reversed sharply lower from earlier yield highs and at 2.842 have formed Bearish engulfing. And should allow for yields to pullback to 2.76.  Dollar higher but showing evidence of stalling and should be close to peak.  Gold getting close to lows and downside minimal to 1200 and would buy into further weakness early next week in Precious metals-   For Equity sectors to consider-  Retail, as mentioned in early am piece.. Is the sector to overweight-near-term.. And stocks like FIVE, ETSY, TJX, M, BURL, DSW, URBN.. Are all longs on a 3-5 day basis