The video in this report is only accessible to members
The video in this report is only accessible to members

Wednesday’s backing and filling failed to do much damage to existing trends, and SPX still looks poised to push back higher above 4200 into end-of-week/early next without too much trouble. 

Similar to recent days, the near-term technical structure combined with weekly momentum and breadth remain positively sloped, and not overbought.  Minor selloffs in groups like Media/Entertainment and Communication Services have not proven too detrimental, while defensive groups remain weak.

Indeed, Utilities lagged more than Technology did on Wednesday, and Utilities ETF’s like XLU and RYU fell to the lowest levels since November.  Meanwhile, Energy, Financials and Healthcare all outperformed.


Breadth came in just 2/1 negative, and despite the weakness, averages managed to hold up above the intra-day lows from Tuesday.  This wasn’t too meaningful, and uptrends over the last few weeks have not been violated. 

Overall, I suspect that Tuesday’s lows of 4088 should not be breached in this rally scenario.  However, if this does happen, the focus immediately shifts towards 4000 as needing to hold.  Ideally, prices should turn higher on Thursday into/through Friday into early next week.  A push to the high...

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Macro subscription is required in order to access this content.

*Free trial available only on a monthly plan

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You’ve reached your limit of 2 free monthly articles. Please enter your email to unlock 1 more articles.

Already have an account? Sign In

Don't Miss Out
First Month Free