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Broad Market Outlook
The market kicked off the week retesting the prior all time high, which we all know if often met with resistance as chasers look to get out of positions for break even.
The market followed suit pulling back off the retest as it dropped a mere 1.6% before circling right back to the all time high level of 423.
This tiny pull back gave us a Micky Mouse pivot vs 415 to tighten up our risk but in reality the real pivot low has been the psychological level of 400.
Now in normal markets, major levels can take years and dozen's of attempts before successfully breaking out. Back during the prop trading days SPY 213 was resistance and a constant battle ground for more then 2 years. Now we are seeing resistance levels barely hold for 2 weeks.
As frustrating as those year long breakouts took to step up, they provided years of follow through, as each consolation gets short and shorter in regards to the time spent consolation the weaker they become.
With the dumb money crowd continuing to jump from new insane idea week to week we could expect the path of least resistance to continue higher as most are giddy with greed.
As long as we can continue to stay laser focused on what works for us and let the charts do the talking we can continue to ride this up move and squeeze as much as we can out of it till the pivots start to break.
From Ben G
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Macro Rotation Outlook
SPY
Dow Jones
Nasdaq
MDY Mid Caps
IWM Small Caps
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Sector Rotation
Sensitive - sectors that have moderate correlations to overall market conditions.
VGT Tech
VDE Energy
VIS Industrial
VOX Telecom
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Cyclical - sectors that are more sensitive overall market conditions.
VAW Materials
VCR Consumer Discretionary
VFH Financials
VNQ REIT
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Defensive- sectors that tend to outperforming during sub par market conditions.
VDC Consumer Staples
VHT Healthcare
IBB Bio Tech
VPU Utilities
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Big Picture Set Up
ANTM
ANTM continues to flag nicely in this $12 range, will be ready to buy that $400 when its ready to go.
IT
Added to IT twice this week as the inside days continue, still about 2% risk in this earning flag and will continue to buy $236 until it breakouts out or fails.
MMC
MMC has retested the prior high and often we see this retest met with resistance and selling but for now its inching past it and looking like it may want to continue to inch higher.
MXIM
MXIM has continued to flag above the prior breakout level as we have been able to successfully stay in with a stop vs $98, above $103 could look to add vs that $98 stop.
OTIS
OTIS closed the week right at this $80 level, would not be surprised to see this go Monday morning, if it gaps up above $80, it will probably head higher however chasing often ends the same way.
SNAP
As we saw that $64 seller continue to hold SNAP down, its now time to wait for a new pivot low to form. The current pivot low is $50 while the one prior was $48. Time will tell how far SNAP will want to pull back before its next attempt at $64.
UPS
As UPS continues to flag at all time highs, I will be looking to add above $216 and $220 vs the low of this flag to add to this swing.
ZBRA
ZBRA is approaching this $520 Blue Sky Breakout level, it would be great if that $520 can continue to hold so we can find a tighter entry. If not and its ready to go, we know the proper out is vs $493.
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Traveling Experts
We have a few exciting experiences planned for the year ahead. We hope you find a trip that sparks your interest to come enjoy and network with other like minded members!
Beach Week June 16th-19th (Sold Out)
Can't wait to see you on the next trip!
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