Technical Strategy Video:

The video in this report is only accessible to members
The video in this report is only accessible to members

Key Takeaways

  • Thursday reversal of early morning strength keeps the near-term consolidation in place, for now.   Market technicals had given some advance warning of a stalling out vs an immediate burst back to new highs, and this continues to play out. 
  • NASDAQ in particular was hard hit, but mostly large-cap “FAANG” bore the brunt of the selling, while equal-weighted Tech fared much better
  • Cannabis & Chinese Equities along with Precious metals have persisted in their weakness.  These were all thought to be attractive counter-trend ideas starting in December.  All are intermediate-term attractive heading into 2022 for longs, technically

S&P and NASDAQ reversed early Futures gains sharply as NASDAQ took the lead in turning down, led mainly by large-cap Technology and Discretionary.   Markets are continuing to show strong relative strength in many of the Defensive issues, which have outperformed Technology in recent weeks.   As has been discussed in recent notes, Wave structure could still allow for a “final” leg down into late next week before a rally. 

The video in this report is only accessible to members

Technical Developments  

Neither S&P nor NASDAQ has managed to pu...

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