The Big Picture - Trend Line Holds After a Fake Out Breakout in the 10 Year

The start of the week felt as if a break of the major area of support seemed somewhat obvious or expected as we saw the 10 year flagging at resistance and starting to break out towards the 4% that has acted as resistance for the last quarter. 

Yet with that fakeout breakout in the 10 year as it started to fade, which is a good sign for the equity markets. The broad market caught a bid and for now has respected the trend line that has been putting in successful higher lows since the October lows in 2022. 

For now it seems the most likely sceniro would be 390 to continue to act as support and 420 to continue to act as resistance. Leaving the market in a nearly 8% range for us to trade within for the time being. 

As the overall up and down swings start to tighten up inside this macro base pattern, we will have to continue to focus on more support buy back set ups and looking to sell more into resistance then buying breakouts. 

Sector wise we are seeing Financials setting up right under there base break area, along with Healthcare that are finally starting to wake up after being out of favor the last few months. The Consumer Discretionary is also setting up near its base breakout area and Amazon is also setting up with a similiar set up around the recent base its been forming. 

For the week ahead, I will be focusing on AME to see if it can make its way back towards the 148 Blue Sky Breakout area. GL if it can somehow still hold this 120 level of support and if so, will add above $121 and eventually $124 for its Blue Sky Breakout. FTV will be on the radar as it works its way back to the $70 base break area and lastly QSR to see if the support of the flag its in continues to hold above $63 for a support buy back up through $64.50 

                                                                                        

From Bennett

Nasdaq 

Mid Caps 

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