S&P 500 defensives won yesterday, but the still good showing in financials, energy and consumer stocks, cushions wavering tech. It‘s not the case that industrials and materials are too expensive either, but I‘m looking for the weak reaction to both the XLC and XLY leading stocks, to carry over into tech and semis today, and keep Nasdaq under pressure even if TLT keeps most of its Wednesday‘s advance intact.
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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them.
S&P 500 and Nasdaq Outlook
Just as I wrote yesterday, 4,560s aren‘t to be visited today – 4,585 would put up a good fight if need be – all depends upon any selling stampeded at the open developing or not. Odds are that it wouldn‘t be anything serious, and ES would proceed on the journey to the high 4,590s followed by low 4,610s.
Unemployment claims and Philly Fed manufacturing are unlikely to rock the „no recession coming“ boat either, and that means real lasting selling pressure is unlikely to develop in the first half of today‘s session.
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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.
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