Key Takeaways

  • US equities bounce continues, but is nearing upside price targets for SPX and QQQ
  • SLX has just broken out to new yearly highs which bodes well for continued strength
  • Materials 2021 relative breakout vs SPX is now continuing and this group should continue to be overweighted for outperformance
The video in this report is only accessible to members

The near-term bounce for US equities continues, and likely can extend up to levels near SPX-4550-70 for SPX and QQQ-363 for QQQ.  However, this bounce is getting extended, and I don’t expect that prices push to new highs right away, technically speaking.  Given current Elliott-wave patterns, cycles, DeMark exhaustion, and the start of negative momentum divergence on intra-day charts, I feel that February 2022 peaks should mark strong resistance for this bounce.  How one plays a possible reversal and how to position depends on one’s timeframe and risk tolerance as there remain many things still working very well.  For timing purposes, any daily close back under 4455-SPX and 350-QQQ would mark short-term sell signals into next week.

The video in this report is only accessible to members

Steel ETF breaks out, as base metals continue to soar

While Technology has been a notable laggard on the bounce from late February, many groups continue to work quite well.   Of t...

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