SOX breakout can extend a bit more while IWM nears critical resistance

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

US Equities remain on good footing, despite the recent backing up in US Dollar and US Treasury yields over the last couple of weeks. Both SPX and DJIA have successfully pushed back to new all-time highs, and NASDAQ should approach its own all-time highs within the next week.   Moreover, most of Europe along with Japan is now signaling that a coming pushback to all-time highs could be getting underway.   Overall, I expect that risk assets should still work well into October expiration before a possible stall-out into a traditionally very negative seasonal week for stocks.  For now, technical structure, momentum, and breadth have improved markedly in recent weeks, but short-term warning signs are starting to appear on the horizon.  This might allow for a minor peak to appear within 1-2 weeks.  SPX seems unlikely to exceed 6000 right away.  Meanwhile, QQQ should find resistance at 503-505.

October expiration week kicked off with sharp Equity gains, and despite a lack of supportive market breadth early on, this improved into Monday’s close to show three sectors having exceeded 1.00%: Technology, Utilities, and REITS.

While this Technology comeback is certainly positive, it might be diffic...
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