Monday Technical Video
S&P could stall out near Aug 7 highs- First area to sell into bell- 2862-3-
S&P has continued to push higher post Europe’s close, but NASDAQ 100 remains negative for the day as Technology is down, and AAPL, AMZN, TSLA, Fb and TWTR are all lower.
Breadth is higher by around 2.5/1 positive, but most of the strength is being seen in Energy, Industrials, Staples and Materials which are all up +0.60-+.75% on the day
TECH is lower, and Utilities, while Staples are unchanged. Today will mark the first day since February that TD Sequential sells have occurred on the SPX, while also VXX, the leveraged VIX ETF
Bond yields have started to breakdown in larger fashion, not adhering to the counter-trend buys shown late last week and on a close would reach the lowest yield level since May
A breakdown in Yields would support the contrarian case of being long Treasuries given the massive negative sentiment, and this larger trend from Feb is showing increasing signs of giving way. Gold, silver rallying from very oversold state..
S&P- hourly- See that prices are now within striking distance of Aug 7 highs.. and 2862-3 is a big level. Above there is little until 2874. But thought that markets very well might peak out again with S&P at August highs- 2862-3-
US Dollar rolling over , now its fourth straight trading day down
TNX down what’s thought to be an important area.. but no real evidence of this stalling out and turning back higher.
2.82 is important and under would allow for a quick test of July lows of 2.80%.
NFLX, while attempting to push up. Still looks early to bottom out- The area at 329-334 looks important and until over 334, its right to sell into gains
The downtrend from the last month is still very much intact, and no evidence of exhaustion is present like what happened at prior lows and highs