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

Near-term trends still appear to have limited upside, despite Technology having outperformed in a way that’s largely holding up indices like SPX and QQQ to the detriment of Equal-weighted index gauges.  US Dollar and Yields have shown more evidence of turning higher, and this could be a bearish development for stocks given prior correlation tendencies.  Both Healthcare and Financials look to be at resistance and this could prove to be a headwind for Equities over the next month

US Equities fell in broad-based fashion on Wednesday but managed to recoup some of that damage by end of day.  Greater underperformance was witnessed from the broader market than in Cap-weighted indices, but yet six sectors still fell greater than 1% on the day in Equal-weighted terms, and SPX fell beneath my stated $4739 support from 1/11/24 intra-day lows.

Bottom line, I’m not certain that SPX, QQQ need to immediately pull back to violate early January lows and this might be a February theme. 

-Specifically, both US Treasury yields and US Dollar are both nearing initial resistance, and any stalling out on this rally could coincide with SPX attempting a bounce into end of month

-Cycles show an excellent likelih...

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