Key Takeaways

  • Monday’s follow-through is carrying US benchmark indices up to near initial resistance
  • Financials look to be stabilizing and Monday brought about breakouts by JPM, BAC, C
  • Treasury yields still haven’t broken down; A minor push back to new highs is possible
The video in this report is only accessible to members
The video in this report is only accessible to members
The video in this report is only accessible to members

The US equity market bounce continued on Monday with SPX lifting up to just under initial areas of importance which lie near 4000.  While there was evidence that markets were starting to turn back higher, it will be difficult to extrapolate too much higher without some evidence of trend improvement. For SPX this lies initially at 4000, which lines up near a downtrend from early May.  Moreover, having confidence of a larger move requires a daily close back over 4114. At present, short-term trends have turned up, as part of the current intermediate-term downtrend from earlier this year, and from earlier this month.   Healthcare and Financials strength are certainly near-term tailwinds for stocks but getting Technology back on track is the real key.

The video in this report is only accessible to members

Financial strength is worth paying attention to as JPM, BAC, and C have all made short-term breakouts  

Financials look to be slowly but surely stabilizing after...

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