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Communication Svcs violating support makes Media, Telecom, still areas to avoid

Technical Strategy Video:

Key Takeaways

  • QQQ push to new highs has not been followed by SPX. Breadth finished nearly 2/1 negative, and new lows are expanding; Momentum is diverging in overbought territory
  • Communication Svcs breaking trends going back since Spring of this year. Media, Telecom, and many Video game companies still look quite weak and should be avoided
  • Retailing still seasonally strong, and remains a group to favor in the short run

$QQQ chart below ...

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