Accumulation

Look out Bear.

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Buying power kicks in just under the 50-day MA. We’re still bears, but this could give give some upward thrust into the end of the week.

 

 

 

Packing Red

Major indexes are poised for new highs: 

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But… Sell Bias remans.

Dominant selling  threatens this bullish scenario with three, clear distribution days weighing in on the tight range that’s formed on the S&P 500 over the past few weeks.

A quick look at key sectors:

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Financials haven’t broken their downtrend as seen with the XLF experiencing heavy selling below its 50-day MA

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Retail collapses below its major averages, perhaps a foreshadow of following through on a bearish head and shoulders pattern just like the S&P 500 is wound up in.

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Semiconductors have been a downside leader the past two weeks. Never a good sign for the broader market.

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Transports have also fallen out of a bearish head and shoulders pattern, dimming hopes of a new bull leg after its 50-day MA crossed above its 200-day MA a couple weeks ago.