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

The recent stalling out in SPX doesn’t appear too serious and prices remain within striking distance of a possible breakout above 4200.  While a decline lower under SPX-4039 might suggest some minor pullback is getting underway, it’s still difficult to make a strong bearish technical case.  Trends from mid-March remain bullish while momentum is positively sloped while not overbought.

Technology seemed to take the early lead in showing weakness in US equities on Monday; Yet, the Equal-weighted Technology ETF finished positive by more than +1.25%.  Thus, minor weakness in stocks like $AAPL and/or $GOOGL looked to be camouflaging some of the strength being seen in the broader Technology sector as well as other sectors like Industrials.

Energy kicked off the new week with gains of more than 1.4%, despite some minor weakness in WTI Crude.  This rotation into Energy and Healthcare looks to be a very real near-term bullish development and seeing strength in Healthcare along with some stabilization in the banks heading into Bank earnings could be supportive of further market strength post CPI.

Daily SPX chart shows this ongoing triangle pattern which has provided initial resistance to SPX’s rally from mid-March.  This sid...

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