Wed mid-day Technical video
Will be on CNBC today at 2:20
S&P now up to within striking distance of my target 2915-8 for S&P Futures.- This is a resistance target for S&P and I do expect some slowdown from here
Breadth is about 2/1 positive with Discretionary and Energy leading- AMZN breakout extending given today’s upgrade- (See my comments at 2:20 on CNBC about this )
Not much progress out of industrials which are underperforming and broader industrials space is down.. – LMT, NSC, GD, UTX, UNP, CMI, NOC, DAL all lower,. While Telecom also down
Financials also just barely positive.. so on a day that’s seen as broadly bullish.. we’re not getting much participation out of either Financials or industrials
ES- S&P FUTURES- require 2 days.. so this should be complete by Friday. But multiple signs of exhaustion and overbought. No appeal here to chase.
And should be right to lighten up- Favor Healthcare and energy- but not S&P, nor NDX
KEY moves: OIH for Energy breaking minor trend and also XLV extending move back to new all-time highs
XLV also extending its move to new all-time highs. And on a relative basis has broken out for the first time in over 3 years.. will be discussed in tomorrow am’s piece
XLK extending move back to resistance and showing evidence of exhaustion- one should consider taking steps to take profits in tech
I suspect a move down to 73-73.25
