Wed, November 27, 2024 | 1:34PM ET

⚡ FlashInsights

Wed, November 27, 2024 | 1:34PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Breadth has improved in the last week which has largely revolved around Equal-weighted SPX rebounding, but as can be seen, there is a minor downtrend now in Percentage of Stocks within 20% of 12-month highs, since October.
Wed, November 27, 2024 | 1:27PM ET

⚡ FlashInsights

Wed, November 27, 2024 | 1:27PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Breakdown in USDJPY as well as US Treasury yields should be watched carefully, as many know the late July correction for US Equities also coincided with a sharp breakdown in USDJPY. The extent of this decline has been fairly sharp in recent days, and could allow for a larger decline down to test and break September lows. It's difficult to say that sharp Yen gains have to lead Equities lower, but the sudden change of trend for both US Dollar and also Treasury yields is interesting, and there's been a bit of a defensive shift to rotation in recent days. Despite its weakness, Technology is not really breaking down, though Semiconductor Index SOX has been steadily weakening and now lies at the lowest levels since early September.
Wed, November 27, 2024 | 1:27PM ET

⚡ FlashInsights

Wed, November 27, 2024 | 1:27PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
The Technology weakness doesn't immediately suggest any kind of larger breakdown, but it is important to note that the last two breakout attempts in RYT the Equal-weighted Technology ETF, both failed. Key will be 37 on the downside and until/unless that's broken, it's still right to consider Tech attractive on minor weakness.
Wed, November 27, 2024 | 1:26PM ET

⚡ FlashInsights

Wed, November 27, 2024 | 1:26PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Fractional weakness in US Equities today which is nearly all been driven by Technology, which is down -1.9%. Five sectors are lower today while six are higher but no sector is down more than -0.20% today except for Technology. Meanwhile, REITS, Utilities and Healthcare are showing the best gains. For QQQ -1.01% , this failed in its initial attempts to join the SPX back at new highs, but cannot be called too bearish until/unless 499.50 is broken, which would undercut the rising uptrend line. The additional area of importance lies at 494.49, or near 11/15 lows, which has more structural importance

Daily Technical Strategy
Tue, November 26, 2024 | 6:51PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy

Bounce in breadth, but Large-cap Technology continues to lag

EQUITY TRENDS FROM AUGUST REMAIN BULLISH, BUT YET THERE’S BEEN SOME NOTICEABLE DIVERGENCE THAT’S CROPPED UP WHEN VIEWING QQQ VS. THE EQUAL-WEIGHTED SPX IN RECENT...

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