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

Increasing signs of stalling out in US Equities ahead of a potentially very important Jobs report on Friday (8/5), and stock indices largely continue to be fairly resilient amongst a sea of gloom on the economy and earnings.  To the bears’ chagrin, this rally has happened amidst widespread participation and a 17%+ rally in Equal-weighted Technology over the last month ($RYT).  Moreover, the breadth improvement in the rolling 30 days provides more compelling evidence that June lows should turn out to be much more important than just a trading low. In the short run the combination of short-term cycles, and many important Tech stocks near trendline resistance suggest a possible reversal. Yet, we’ll need to see proof in prices reversing to new two-day lows to have confidence of a turn.  At present, 4200-4225 can’t be ruled out, but any strength into/post Non-Farm Payrolls likely should prove to be sellable for traders, and a 3-5% pullback is now looking increasingly likely into mid-August before this rally can continue.

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VIX nearing meaningful support   

For those looking for opportunities to hedge longs or start to speculate on trend reversals in this uptrend, it’s important to point...

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