I have been watching the Health Care ($XLV) sector since it broke out in mid-May, after a month long consolidation between $71-$73. The $73 represents new support and I would expect that we have some continuation to the upside as long as $73 holds. Names like Johnson & Johnson ($JNJ), Pfizer ($PFE), and Gilead ($GILD), […]

I was looking at a 60 minute chart yesterday and noticed that in the month of June the $SPY (S&P 500 ETF) has formed its 3rd lower high, with its third gap, and remains in a slide to the downside. Now it is only three percent off of the 52-week high, but a challenge and […]

Trading on Thursday was flat and the short-term action is bearish, despite the rally on Wednesday. The S&P 500 ($SPY) surged off medium-term support of $208. Until it breaks short-term resistance, $212, I would have a tough time buying if not any further move to the upside. Tech ($QQQ) has made some positive technical moves […]

The market did not take long to correct the oversold conditions we discussed yesterday. The S&P 500 ($SPY) bounced off medium-term support right around $208. But (there is always a “but” after a gap open like yesterday), was not able to break short-term resistance at $212. Overall the market performed very well yesterday but in […]

Another choppy but muted trading day in the S&P 500 ($SPX). Granted the large-cap index dropped in early trading, but as usual rebounded into positive territory by noon. It then traded around break even. This was the theme for all the major indices small-caps ($IWM) which finished the day with only a small loss, -.30 […]

When you think Travel and leisure, sunny destinations and faraway locations come to mind. In the past I have discussed the ETF $PEJ, which is the travel and leisure ETF. Up until the end of May this ETF has been performing quite strong, thanks to a resilient and strong Airline sector. Well that is until […]

The large-cap indexes ($SPX) struggled this week in the face of global uncertainty, a rebounding dollar ($UUP) and solid employment report. I have received quite a few e-mails asking why a strong dollar ($UUP) is not beneficial for large-cap names. The simple answer is that a lot of these firms do overseas business. A strong […]

The overall trend and support levels are still in place but short-term breadth is bearish. The sectors are mixed, half up, half down. The S&P 500 ($SPY) broke support at $210, but has held.  I am going to watch the $213; a break above that level would be bullish. Another development has been the move […]

The S&P 500 ($SPX) looked like an early breakout candidate, running to 2120 mark, only to finish the day at 2114. The pivotal question now is what is keeping this market afloat? For one, Small-Caps ($IWM) took a big leadership role yesterday with a 1 percent gain. Qorvo Inc. ($QRVO) ~ 1percent of the Small-Cap […]

I was reviewing the Seasonal Chart for Small-Caps ($IWM) and this sector has been lagging the overall market since mid-April. Now bulls, worry not. We do have short-term resistance at $127, and the 20 & 50 day forecast higher. The bulk of the trend evidence remains bullish. Looking back I also like the fact that […]