Lows are growing near; Yet a lot of damage has been done

It’s important to take stock of the damage after the Banks crisis led many other sectors down sharply and has caused some greater technical damage than what was seen a month ago.

Deterioration in Industrials, Discretionary, Materials, Healthcare and more recently in Energy and Financials has resulted in intermediate-term trends giving way and weekly momentum (per MACD) rolling back over to negative. 

Technology, to its credit, has enjoyed a very sharp period of outperformance, and the relative strength in Tech is one of the few reasons why broader market averages have held up a bit better than what otherwise might have occurred.  $QQQ and SPX haven’t shown nearly the extent of the damage this week than what’s been seen in sectors like Financials and Energy.

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