Technology showing initial signs of trying to bottom Array ( [cookie] => 036ab8-6547a6-cf8512-7b95b8-269f28 [current_usage] => 2 [max_usage] => 2 [current_usage_crypto] => 2 [max_usage_crypto] => 2 [lock] => 1 [message] => [error] => [active_member] => 1 [subscriber] => 0 [role] => fsi_macro [visitor_id] => 591084 [reason] => [method] => ) 1
Note: I will not be publishing a video today due to travel arrangements. Thank you for your understanding.
The near-term uptrend from last Thursdays’ lows remains intact for $SPX despite the late day jitters, and minor weakness hasn’t been sufficient to shake the uptrend that started with last Thursday’s successful reversal off the lows. Until/unless 3600 is breached, it’s still expected that SPX should push higher up to 3800-3845 which should serve as strong initial resistance. Interestingly enough, sectors like Technology have come to life this week, despite Treasury yields not rolling over. Moreover, despite a rapid push higher in yields over the last few days, Equities have managed to stand their ground, and SPX remains up over 200 points off the lows from last Thursday. This won’t continue if rates show much further upward acceleration, but it’s still likely that this rate rise is in the final innings, and trend reversals get underway by early November which take yields lower and in turn, fuel growth and Technology. Bottom line, it’s right to stay the course barring a move under 3600 and first upside target lies just above 3800.
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