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Expect Choppy Mkt Action for a While; GILD Looks Attractive

Well, it’s been a wild few weeks and a retest of last week’s lows appears underway. In last week’s note, I discussed the potential for an oversold bounce developing from support at 2855 on the S&P 500 index (SPX), coinciding with the 4Q19 lows and a 50% retracement of the 12/2018-02/ 2020 rally. One week later, the SPX is in the process of retesting that important support level.

I’d like to be able to say that a successful retest/bottom is taking place, but there is insufficient technical evidence. While my expectation is the SPX will attempt to establish a secondary low in the coming week, I think a break below 2855 is likely to see a further move down toward next support at the August 2019 lows of 2822.

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