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Gap down below yesterday's low so could be a trend day either up or down.
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Rebound is weak so probably will resume down. It's a downtrend day, was busy, missed the 10:35 bar for calling downtrend day.
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Posted on 4/11: MS, Wilson: the breakdown of small caps and cyclicals may be an early warning sign that the actual reopening of the economy will be more difficult… The underperformance in IPOs signals that the Fed’s excessive liquidity is finally being overwhelmed by supply. When new issues [use IPO] underperform this much, it’s generally a leading indicator that equity markets will struggle more broadly.
4/19 zh and MS: One week after Michael Wilson (MS) presciently warned that the recent breakdown of small caps was "a warning sign" ... we dropped.
MS: many commodities are also laboring to make new highs as the high-quality SPX and NDX breakouts look more and more isolated.
"the breadth of participation has deteriorated significantly ...What this really means ... is that the market "gets it" and is preparing for what is likely to be a more difficult environment for stocks and risk assets generally.
"… the best way to characterize our view is that we like reflation beneficiaries but no longer favor the reopening theme so much at this point...
“Hence, we remain Overweight Financials, Materials and Industrials [recall that is three of Sentimentrader’s “Four Horsemen of a Recovery”]. Meanwhile, we remain Neutral on Tech and Overweight Healthcare given the greater valuation headwinds on the former.
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
First time we're convincingly taking out the prior days lows in a month and much needed. 4100 zone remains the spot to bounce.
If bulls can't sustain strength there then we sell another 100 points down to 4k
[adam mancini]
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
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The chart looks still missing a revisit of the day low before a bottom can be possible.
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Alternative places to park the money. DBC down a bit. IAU up. IYR up. Growth stocks down. Value stocks down. TLT up. USO down. UUP up. A little bit risk off perhaps.
Charts posted are not recommendations. They are just a sharing of information.