With the Fed's pivot, there is a strong likelihood that the market will end with a positive 2024. The probability of this outcome is further heightened with the approaching presidential election. For details, please read our blog https://t.co/nTR8pwaXvm
There remains a divergence in New Highs vs New Lows, but price action isn’t suggesting any damage at this time. $SPX for now remains above the 5dma. $IWM has been a bit weaker the past two days. The McClellan Index, not really showing any issues at this time either.
Lines and Levels. $SPX $4274 is a big level that we are testing now. $4260 needs to hold. Breadth, as we know, is collectively ugly but $QQQ can hold us up if it wants to! Tricky spot! Could go either way here.
Lines and level… $SPX $4287 needs recaptured fast and hold $4274, otherwise there is a gap below. Trending down, but anything can happen overnight. A lot of people saying the 200dma is inevitable. My guess is they make it really hard short term to get there.
Lines and levels! $SPX Broke the major blue line with a gap through it with no hesitation! When the market can do that overnight, you get out the way and respect it.
Ugly end to the week for the market. Overall, still feels as if the market remains in chop fest within a short-term downtrend. This market appears to need events and economic data to squeeze. Take a look at sectors and indices. The recency bias plays tricks; not terrible.
Today was a growth/strongest SCTR ratings day. Value, $XLV kind of ugly and surprising, honestly. Overall, no real damage. Just giving time for moving averages to play catch-up. Have to be objective. Zero key levels were lost today and the past two days has reset overbought lvls.