NDX To Lead ES Again Or Not
S&P 500 disappointed the bulls on a daily basis, and the overall performance esp. NDX, XLC, XLF, XLI and XLU casts short-term doubts over the island continuation theme – i.e. over the tight range sideways move that keeps above 4,555 key support. The key three stocks to watch for signs of leadership, are NVDA, AAPL and MSFT – the upswing (strength rebuilding within a rotation that is led higher by tech – by the way, see how things turned out after I took aim at the momentary Russell 2000 over Nasdaq outperformance?) or at least sideways to gently up move still above the key 4,555 support seeing more advance-decline line improvement.
I also hope you didn’t miss the timely warning and didn’t rush into oil…
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Credit Markets
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Bonds dialed back their daily optimism, and confirm the very short-term caution regarding stocks. Alarm bells aren’t ringing, but the color that’s flashing is yellow.
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