Short Circuit:  Semiconductors Break Down

Short Circuit:
Semiconductors Break Down

Key Points A relative breakdown for Semiconductors, along with a shift in momentum, will likely be a headwind for the NASDAQ and Technology Sector. Buyers step in to push the S&P 500 toward the top of the day’s range. Small Caps continue to consolidate within the...
Leadership  Begins to Emerge

Leadership
Begins to Emerge

Key Points Materials and Financials appear to be reasserting their bullish relative trends, stepping forward in what has been a leaderless market for the past few weeks. Former leaders, Technology and Discretionary, continue to fade on a relative basis. Defensive...
The Pauses  that Refresh?

The Pauses
that Refresh?

Key Points Equities, in the U.S. and abroad, remain in consolidation mode. The S&P 500 has made no progress, on a closing basis, for three weeks. Likewise, the trends in rates have been stalling as the 10-year trades between key support and resistance levels....
Copper vs Gold:  A Breakout Would be a Big Deal

Copper vs Gold:
A Breakout Would be a Big Deal

Key Points Taking a longer-term view of the copper/gold ratio shows us that the real breakout has not happened yet, but there are big implications if it does. The risk-on/off picture remains mixed this week with a leaning toward risk-on. The growth to value shift...
Breadth is Not the Place to Start a Bear Case

Breadth is Not the
Place to Start a Bear Case

Key Points Internet and Catalog Retail scores a fresh breakout after a nearly eight-month consolidation. Breadth metrics continue to support the bullish trend in equities as participation remains broad. Leadership may be widening as well, with the Equal Weight S&P...
A Big Breakout  in a Key Industry

A Big Breakout
in a Key Industry

Key Points The Air Freight and Logistics Index gapped to a new high with a momentum confirmation. Consolidations in Small Caps and the NASDAQ are within a long-term uptrend, odds favor a continuation higher. Sentiment is becoming more bullish but is not signaling...