Key Takeaways

  • Monday’s rally has reached SPX, QQQ targets and right below 200-day moving average
  • Defensive groups like Utilities and REITS fared far better performance wise than Financials or Industrials
  • REITS broke out to multi-week highs Monday, a development which should help relative performance continue to improve  
The video in this report is only accessible to members

The US Equity rally continued without any hint of reversals taking place, though SPX is now nearing its key make-or-break levels just under 4600 while QQQ reached its 50% retracement zone just under its flat 200-day moving average.  Given the pickup in Defensive trading lately (Both Utilities and REITS up more than +0.70% Monday, while Financials were negative and Industrials up just fractionally) it will pay to continue to advocate a defensive stance, expecting prices to hit resistance over the next week and reverse course.  At present, 4600 will act as the key line in the sand for SPX, while QQQ has resistance now at 369-370. 

The video in this report is only accessible to members

REITS breaking back out to new multi-week highs

One of the more interesting developments in recent weeks has been the extent to which defensive rate-sensitive groups like Utilities and REITS have been able to outperform, despite Treasury yields having shot up rapidly.  Both of ...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free