Strategically the SPX highs are starting to look feeble. I am tracking the highs but wary we have started to trade a wide choppy range with 3026 resistance and 2820 support. This choppy range should be treated with a neutral outlook, while I am increasingly bearish on the Mid and Long term, as long as we don't see a drastic shift in sector rotation we have room to strategically sweep the highs.
On the Technicals, a close below 2973 will start to call into question this trend-line, if bears can take it to the downside then we have negated the uptrend currently visible in US Equities. A daily close above the key resistance highs at 3026 is necessary to trigger a bullish breakout. If highs are taken we will unlock 3055 and 3110 as next targets in the sequence.
For the Macro Chart Pack....
Cyclicals vs Defensives:
Rotation in full motion:
Transport triggering breakout alerts:
Banks continue to look relatively cheap:
Utilities are breaking higher:
Good luck all those in US Equities as we enter into the end of month flows... feel free to post your ideas or questions in the comments below. Thanks!
On the Technicals, a close below 2973 will start to call into question this trend-line, if bears can take it to the downside then we have negated the uptrend currently visible in US Equities. A daily close above the key resistance highs at 3026 is necessary to trigger a bullish breakout. If highs are taken we will unlock 3055 and 3110 as next targets in the sequence.
For the Macro Chart Pack....
Cyclicals vs Defensives:
Rotation in full motion:
Transport triggering breakout alerts:
Banks continue to look relatively cheap:
Utilities are breaking higher:
Good luck all those in US Equities as we enter into the end of month flows... feel free to post your ideas or questions in the comments below. Thanks!
Comment:
We got the break
Comment:
305x
