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

Despite all the near-term bearishness, it’s worth pointing out that Technology continues to show excellent relative strength vs the market.  Semiconductors remain an excellent sub-industry group within Technology, while $AAPL’s upside gap makes this stock still quite bullish

SPX prices have not broken down sufficiently to suggest trends are turning down. SPX prices bounced sharply last week at the 200-day moving average, and Fibonacci 38.2% retracement level, and momentum remains bullish on a weekly basis.

Energy and Financials were a big source of weakness Wednesday, while Defensive groups like REITS and Staples enjoyed a rare day of outperformance.  Financials, as I’ll discuss later in this report, appear to be on the verge of larger breakdowns.

The US Dollar and Treasury yields failed to show any meaningful signs of backtracking;  Yet, momentum is truly starting to wane on long-term treasury yields.  An upcoming reversal back lower looks likely for yields, which should begin next week.

Weekly Equal-weighted S&P 500 chart shows how momentum remains positively sloped (per MACD) despite the minor backing and filling over the last month.  Unless 3928 is violated, it’s worth buying dips into ear...

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

Don't Miss Out
First Month Free