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.
— 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:
— StockConsultant.com (@StockConsultant) Feb. 13 at 09:34 AM
— Mike (@Canamtrader) Feb. 12 at 11:38 AM
And everyone’s favorite “technology fund” Google:
— 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:
— 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:
— prognolic.com (@prognolic) Feb. 13 at 08:11 AM
Meanwhile, these macro number aren’t inspiring a whole lot of confidence:
— TopstepTrader (@TopstepTrader) Feb. 13 at 06:30 AM
— TopstepTrader (@TopstepTrader) Feb. 13 at 06:31 AM
Are you not entertained?
~ Sean McLaughlin (@chicagosean)
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