S&P Sits About 1% Below Highs… What’s Next?

If it seems like just yesterday the market was threatening a major breakdown, you’re not alone. Once again, the Most-Hated-Rally-Of-All-Time continues to amaze and confound both permabulls and chastened bears alike. At the time of this writing, the S&P 500 is sitting approximately 1% from new highs and the $VIX fear index has retraced nearly all of the spike from the last two weeks. The volatility of emotions has been something to behold.

$SPY with a shot at first 6-day win streak since early Sept '13. $SPY up another +5.7% next two months after that, fwiw.

— Ryan Detrick (@RyanDetrick) Feb. 13 at 09:27 AM


The market averages might appear extended, but under the surface there are a lot more decent long setups today than last Thursday. $SPY

— SL 50 (@SL50) Feb. 13 at 08:54 AM

 

Leading stocks continue to lead to the upside, seemingly unaffected by recent volatility. Check out Facebook:

$FB ho hum, another continuation breakout watch above 66.02, details >> http://stks.co/h0HoP http://stks.co/pzck

— StockConsultant.com (@StockConsultant) Feb. 13 at 09:34 AM

 

And Tesla:

$TSLA Same slope in the trend line as before the drop = LOTS of room to go. http://stks.co/c0Dgs

— Mike (@Canamtrader) Feb. 12 at 11:38 AM

 

And everyone’s favorite “technology fund” Google:

$GOOG new highs, nice and steady, might be able to move stop up to 1133 soon http://stks.co/b0Dxn

— Jon Boorman, CMT (@JBoorman) Feb. 13 at 09:40 AM

 

Of course, the sun isn’t shining everywhere. Cashtaggers have detected some areas of possible disturbance. In the high-flying social media space, former momentum darling LinkedIn is showing signs of exhaustion:

$LNKD Breaking support, volume running high on down days, MACD turning lower. Ugly. http://stks.co/b0Deb

— JD Parsons (@weeklystockcharts) Feb. 12 at 12:19 PM

 

And Whole Foods, considered by many to be a “luxury” grocer and leading indicator of consumer spending habits just reported lower than expected revenue and signaled to investors lower revenue expectations in coming quarters. The emerging trend here is unmistakeable:

well $WFM QoQ sales growth trend is obvious, as well as P/E ratio… http://stks.co/a0E3p

— prognolic.com (@prognolic) Feb. 13 at 08:11 AM

 

Meanwhile, these macro number aren’t inspiring a whole lot of confidence:

US initial jobless claims 339k vs 330k exp $SPY $MACRO

— TopstepTrader (@TopstepTrader) Feb. 13 at 06:30 AM


Retails Sales: -0.4%, Exp 0.0% $SPY $MACRO

— TopstepTrader (@TopstepTrader) Feb. 13 at 06:31 AM

 

Are you not entertained?

~ Sean McLaughlin (@chicagosean)


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