Correction in SPX Leaders
Buying the S&P 500 dip right away wouldn‘t have worked as all the XLC, XLY and sure XLK too pessimism hasn‘t played out by then, but by the late session and following 4,560 support test, stocks got interesting as the beaten down sectors are to catch a little bid today. It‘s that TLT didn‘t resolutely decline without generating buying interest, and yields are likely to retreat somewhat today – and that would make for tech to pick up alongside real assets with USD pausing. It appears markets would look for an excuse (shaking off strong initial unemployment claims and weak Philly Fed manufacturing) to return to the narrative that Jul rate hike is the last one…
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 4 of them.
S&P 500 and Nasdaq Outlook
4,560s were in the end briefly visited yesterday – and odds are we return to 4,590s as XLF, XLI, XLE, XLB won‘t materially retreat while the beaten trio (XLK, XLC, XLY) improves. Low 4,560s visit would be a bad omen, but I‘m not looking for selling at the open to take ES there.
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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.
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