*Note: I will be traveling 7/27 therefore no daily report or video. Daily Technical Strategy will resume Thursday 7/28.

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

The stall out and pullback in US Equities has accelerated further given $WMT’s profit warning and subsequent 8% + drop on Tuesday.  $NDX has taken the lead on this decline and has fallen for the last three trading sessions.  As we’ve talked about in recent days, Technology has lagged over the last week along with Consumer Staples while Energy and Utilities have outperformed.  Importantly, this NDX pullback does not appear technically like it needs to move back to new lows, and this remains difficult to call for at this time.  Three days of weakness in $NDX, shown below, is now nearing an initial area of support which I feel should hold on this weakness.  The area at 12075 in NDX is initially important, while any pullback under should hold this ascending trendline and try to bounce further into early August.

The video in this report is only accessible to members

Consumer Discretionary is starting to show initial evidence of trying to bottom out vs Consumer Staples

The YTD decline in Retail, Autos, Homebuilders has taken a toll on Consumer Discretionary, and it’s been trending sharply lower vs. Consumer Staples in relat...

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