My call for this week:
The S&P 500 travels back to the upper end of its range, i.e. 2,120 – 2,140 while a daily close below 2,050 would be a last minute stop-loss level fas below there the proverbial trap door likely opens toward 1,980 – 2,000
Despite what I think could be a positive surprise for equities into late summer, we must not lose sight of the bigger picture. This picture shows the S&P 500 (blue) very much chopping sideways while both transportation stocks and semiconductors, both of which have leading indicator qualities, broke down long ago. Not to mention the energy and materials sectors, which have been in notable down-trends as well.
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