Levels to Watch for Further Confirmation

Levels to Watch for Further
Confirmation

The November 10th trading session saw the S&P 500 taking out the 3,900 level that we have been highlighting in our notes over the past several weeks. While this has been a welcome development for equity bulls, investors will likely want to keep an eye on the...
We Need  to See More

We Need
to See More

Take-Aways: Breadth metrics were mixed on the week but have generally held on to the improvements that we have been highlighting in these note for the past two weeks. However, the current breadth dynamics are not supportive of a sustained move above the 3,900 level...
Stocks are Stuck  while Commodities Wake Up

Stocks are Stuck
while Commodities Wake Up

Take-Aways: Both the S&P 500 and the S&P 600 have experienced minor improvements over the past week, but it has not been enough to get the bulls cheering. The NASDAQ 100 continues to struggle while the Ten-Year Note attempts to stabilize once again....
The Underdogs  Return

The Underdogs
Return

Take-Aways: The S&P 500’s largest sector weighting, Technology, continues its trend of underperformance in breaking long-term relative support to the downside over the past week of trading. Similarly, Consumer Discretionary and Communication Services remain under...
Small Caps  Continue to Lead

Small Caps
Continue to Lead

Take-Aways: The S&P 500 was once again turned away at the key 3,900 level. The index remains in a neutral position if it holds above 3,700 and becomes incrementally bullish above the 40-week moving average. Small Caps continue to exhibit relative strength in the...
Value Over Growth,  Small Over Large

Value Over Growth,
Small Over Large

Take-Aways: The S&P 500 traded to the 3,900 level that we have highlighted and promptly backed off. At the same time, many of the themes that we track have shown a slight decrease in risk appetite over the past week. We continue to believe a focus on leadership is...