Please enable javascript in your browser to view this site!

Bullish reversal keeps short-term uptrend intact


VIDEOS- Click below

Wednesday Technical Video- 5 min discussion of SPX, Crude, HSCEI

Thursday Weekly Technical Webinar-12/27/18- SPX, TNX, DXY

Newton Advisors CNBC Appearance- Friday 12/28/18


Rally has managed to extend as early weakness failed to break 2452 and since has regained 2494- Closing today above 2494 puts rally back on track for gains into 2548-2575 area into end of week- Breadth about 2/1 positive and Energy reversal has been quite meaningful today with Crude now up to 47.20 and Energy sector up 2.5%-Dollar gains are meaningful today, and while Gold still higher, its thought that precious metals might have difficulty showing strength on USD Gains- TY Yields have bounced a bit and 2.66, while Yield curve still flattening to under 16 bps - Utilities and REITS the weakest groups, but with yields still trending down, these groups are thought to offer oppty in the days ahead to buy dips-  Tech higher by just 0.50% and will need to show more gains to expect gains can show any real followthrough-


Daily S&P charts show this mornings weakness successfully reversing back higher post Europe's close and now set to close at the highest levels since 12/19. A close above 2505 is thought to be a real positive into end of week, and should help prices extend. Today's earlier lows at 2452 are a stop for longs.


Crude oil's reversal higher coincided with a similar move in S&P and now prices are on the verge of a possible breakout (which would happen above 48.32) allowing for a push higher back to the mid-$50's in the short run. Energy is today's top performing sector and looks ripe to show some mean reversion early this year back higher (See link for CNBC interview on Energy from last Friday)