The Russell has been the weakest link out of the indexes, unable to breach the key resistance overhead. I’m watching price action closely, and if price fades at resistance come next week, I’ll be trading this one to the downside.
Now What? The Nasdaq and the S&P finally broke through the 50 SMA and the market has shown more signs of life the last three days than we’ve seen for a month. However, I want to maintain focus here and not get sucked into emotions. XLC, XLK and XLY have notably improved, with XLU and XLP meeting extension targets. I still like XLE, XLF and XLI to the downside, though I admittedly was early with my first set of entries. Here is what I am looking for, and what I’ll do based on Monday’s open.
Building a solid watchlist is the name of the game when the broader markets and heavily weighted sectors are still in chop. Here’s what is on my radar.
The market rallied this week on hopes of new talks with China, a less-worse-than-expected NFP… Is this the time to get optimistic, or an opportunity to buy pullbacks in gold and bonds and dollars?
Today we had a “risk-on” type of day, which we haven’t seen in weeks. What does it mean?
