S&P could face near-term resistance at all-time highs; NASDAQ lagging on gains

Technical Strategy Video (Recorded Wednesday, October 20th):

The video in this report is only accessible to members
The video in this report is only accessible to members

Key Takeaways

  • SPX reaching all-time highs is thought to be constructive, yet could face near-term resistance at these levels.  NASDAQ lower today and has lagged rally of late
  • Healthcare continuing to outperform, following through on yesterday’s $XLV breakout; Medical Devices, Services and Pharma are showing very good strength
  • Small caps and Transports both showing above-average strength on Wednesday’s gains

S&P might stall out on this first retest of All-time highs from last month, as hourly momentum has gotten a bit stretched on this move and both SPX and DJIA look to be at important levels that haven’t been tested for more than a month.  Pullbacks likely to prove short-lived & buyable, and should not undercut 4430.  Overall, trends remain short-term bullish, but just extended after six straight days.

The video in this report is only accessible to members
What a rally!!   Just in the last six trading days alone, S&P has gained over 4%, and Wednesday’s close came within a whisker of new all-time highs.  Trends are bullish near-term, yet stretched, and this is though to be the first real area of importance to this ra...

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