S&P 500 futures has come within striking distance of my target 2915-8.
Note that this is a resistance target for S&P 500 and I expect to see some slowdown from here.
Market breadth is running about 2/1 positive (as of early afternoon) with Consumer Discretionary and Energy stocks leading.
Amazon’s (AMZN) breakout is extending given today’s upgrade. This is helping technology.
Not much progress today out of industrials which are underperforming. Also notable that Telecom is down.
Financials also barely positive…  so on a day that’s seen as broadly bullish, we’re not getting much participation out of either Financials or Industrials.
S&P 500 Futures Chart
A 13 sell signal should be complete on the S&P Futures by Friday. And multiple signs of exhaustion with the market overbought here. I’m not chasing.
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Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
