Financials nearing short-term support but selectivity remains key

This week’s selloff looks to be nearing important support heading into next week which should allow for some stabilization and a snapback rally into late April and the month of May.  I don’t make much of the recent SPX decline when eyeing its technical pattern along with the ongoing strength in Technology in holding up very well relative to SPX.  However, the key might lie with stabilization in both Financials and Healthcare as their combined weight is roughly 25% within SPX.

Simply stated, I don’t make much of this recent selloff and feel that US Equities should be close to bottoming which should happen sometime next week.  The reasons are as follows:

-Technology has held up admirably vs. the SPX despite its underperformance in recent months. Charts of MSFT, META, GOOGL, NVDA look quite bullish and recent evidence of $AAPL having broken out looks constructive for Technology.

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