The small cap chart, as well as that of the Nasdaq, is coming to a standstill overall as we head into the weekend. Whichever way they break should finally give us a nice directional bet, though I am still leaning lower. Let’s see who controls the rules of this road, though.
For now, the hourly chart of the small caps, below, shows the consolidation.
Also note the rally in the precious metals miners building some steam.
Elsewhere, SWKS is putting a sizable bearish engulfing candle today after its report, as semis as a whole look heavy here.
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$SPX is also about to hit the top of the broadening top formation. I guess Monday will be an interesting day.
Chess, Any thoughts on retail as an overall market tell? After being down for weeks, several companies strong last few days. With the exception of ANF, names like WFM, BBY, DDS, JWN, LULU, M, RL, SBUX, SPLS, UA and the XRT ETF all doing well.
Mixed bag but yes some names like TSCO ZUMZ impressive