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Technical Thoughts 1 hr prior to CLOSE- Indices churning near yesterday's highs, Breadth negative- CRUDE with huge pullback to key support- Airlines bullish- Technical Video and Charts of interest

Wed Technical Video-  5 min on SPX, Nasdaq 100, Crude and Airlines

https://www.youtube.com/watch?v=iIeQxZeWmmE

 

One hour ahead of the close, we’ve seen barely much price action out of US equity indices, which remain flatlined and are set to record mildly positive gains for today in S&P and Nasdaq while negative for DJIA

Breadth is still negative on the day, and also more volume in Down than Up stocks.   After the last week of gains, stocks look to be having difficulty pressing up with as much momentum and the stallout in breadth is noticeable.   Energy, Utilities are the biggest laggards today, while Tech and Financials are gaining the most ground, but just up +0.44%

Both KBE, KRE showing decent gains +0.60-.70%, while XOP within Energy down -1.4% and this area has continued to have difficulty in making much headway.

Not much happening with the US Dollar though we’ve seen gains reversed and now lower, while bond yields have also pulled back from earlier highs. 
The bigger mover in the commodity space centers on WTI Crude, lower by over 3.5% and is weighing on commodities- Crude down to make-or-break levels.. so the next few days will have importance here.     Metals have stalled in their decline and arguably trying to bottom out, yet not much progress thus far. 

S&P churning near highs. But this won’t be a negative until 2835 is taken out at a minimum.   Above 2861 will allow for a quick move to 2867-75 which could be an important area heading into tomorrow/Friday if reached.

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S&P Daily-   Still treading water up near highs-  and up at upper edge of Bollinger just below January highs.

Still no real evidence of any reversal. Though breadth has gotten worse in not confirming this rally

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NASDAQ 100 still diverging but within striking distance of late July highs

NAZ has been higher now for 7 straight days

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Airlines benefitting after the breakout last month was consolidated.  Now some of these names are showing good strength with Crude lower

Stocks like DAL, LUV, UAL, AC.CN all look bullish technically for another 2-3 days and could be considered trading longs

XAL itself has not made the same move.. and stocks like AAL which are big laggards.. are weighing down.   But still expect a bit more strength out of this sector

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