Big Picture - Running into Mini Resistance

   
   
   
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Broad Market Outlook
We caught a nice bounce in the market and after a few weeks of down days, it can be refreshing to see some green on the screen. Yet during corrections and bear markets, markets rarely fall in a straight line, they need those bounces to give investors hope that the worst is over to sucker them back in just when things seem to be turning. 
Scanning most of the major markets and sectors it seems most are running into mini resistance and what I mean by that is that most are dead smack in the middle of there recent ranges. 
In time we will most certainly be looking to buy up through this 410 area in the SPY but right now we are just pushing through that first mini retest, 390 is just a recent pivot low and can easily still be broken. 
We do not want to come sprinting into the new week chasing 4th day up as if it was a stock, we would know we are late to the move. 
Sector wise energy continues to be in play, telecom continues to set up near support, utilities are a few points from retesting 52 weeks highs, while the rest of the pack are all most up 3rd day huge off support where it would be hard for these vertical moves to sustain or be worth chasing up here. 
Keep scanning those charts daily as there are a few diamonds in the rough and we hope you are all enjoying the new transition to discord!
                                                                                          
From Bennett

 

 

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Macro Rotation Outlook

SPY
Dow Jones
Nasdaq 
Mid Caps 
Small Caps
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Sector Rotation

Sensitive -  sectors that have moderate correlations to overall market conditions. 

Tech
Energy 
Industrial
Telecom
 
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Cyclical - sectors that are more sensitive overall market conditions.
 
Materials
Consumer Discretionary
Financials
REIT
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Defensive - sectors that tend to outperforming during sub par market conditions.

Consumer Staples
Healthcare
Bio Tech
Utilities
 
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Big Picture Set Up
CSCO
After fading the earnings gap up, CSCO is back in this tight range under a recent resistance level. 
NFLX
NFLX continues to set up for a move into the gap through this base that has been forming since spring, for now it is still a bit wide and will need some time but one to keep those alerts set around 250. 
TMUS
It has taken more then a year but TMUS has climbed its way back towards new 52 week highs, we want to keep this on the radar for that blue sky breakout through 150. 
UPS
From our last 190 add in UPS, for now that resistance area has turned into support and we can look to add up through 200 vs that new support area. 
 
   

 

 

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    Honestly, most business websites fall a bit short when it comes to generating paying customers. Studies show that 70% of a site’s visitors disappear and are gone forever after just a moment.

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