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S&P and TECH up to target- Midday Techincal thoughts- CNBC at 2:20

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

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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


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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