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

The four-day SPX rally has now quietly regained 5% just in the last three weeks, one of the longest uninterrupted rallies this year.  Near-term, prices are nearing key make-or-break levels that technically look likely to result in a stalling out/reversal in prices heading into next week.  This is expected technically given the lack of participation and/or breadth thrust seen by this recent bounce, illustrating that this rebound has not been nearly as broad-based as necessary.  Second, prices now lie near structural downtrends, and it’s thought that the recent outperformance out of Consumer Discretionary shouldn’t last if rates start to tick higher. 

The video in this report is only accessible to members

Ultimately, I don’t expect SPX 4000 is going to be exceeded in July, and even 6/28 peaks at 3946 could prove challenging to surpass heading into Friday’s important Jobs number.  Any decline on Friday 7/8 or Monday 7/11 that violates 3738 has little support until June lows at 3636.87.  This also might be breached for a final pullback into July 22-July 29, a time that’s important cyclically and also lines up with July’s FOMC meeting.

Key Technical Takeaways heading into Non-Farm Payrolls  

In the short run, there are â€...

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

Want to receive Regular Market Updates to your Inbox?

I am your default error :)