Key Takeaways

  • Monday’s rally was largely Technology dominated while over half the major Equal-weighted sectors finished down on the day.
  • Emerging markets are slowly but surely recovering and Latin America looks bullish
  • Brazil looks to play Catch-up to the strength that Mexico has shown and looks attractive  
The video in this report is only accessible to members
The video in this report is only accessible to members
Markets rallied moderately Monday though SPX underperformed QQQ, as the latter rallied over 2% on the day.  Interestingly enough, over half of all Invesco’s equal-weighted ETF gauges were lower by the close, showing just how important Technology remains to the SPX and QQQ’s progress.  With regards to SPX, last week’s 4637.50 looks key as resistance, while 4507.57 remains minor near-term support.  Given evidence of late March’s rally being breached late last week, this snapback pattern still points for lower prices with SPX pulling back to potentially test 4455 before prices can make further progress on the upside.  Most shorter-term cycles call for weakness into 4/11-12th before a rally into April expiration.  Thus, one has to watch if SPX gets under 4563 and certainly 4542 has importance as a negative which would confirm that prices fall to new lows for April.  Over 4637 would b...

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