Charting the Markets: Waiting on a New Quarter
A rotational market grinds sideways as July approaches.
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It is becoming increasingly difficult to manage through this choppy market. Just when it seems technology stocks are ready to bring down the broader market, some other group steps up and provides a cushion from a potentially crushing blow.
Money out of the Magnificent Seven lately has found its way into healthcare, homebuilders and even the banks are getting their game on. But it certainly feels like two steps forward, two steps back, going nowhere on a treadmill but getting very tired of the exercise.
The technical condition of the S&P 500 has not changed much, we just added a bit more time. Money flow continues to bleed, MACD is about to roll over and volume trends have now turned bearish. Yet candles are teal, which says cautiously bullish on the GoNoGo composite of indicators.
So, while we wait for the quarter to end this week there is little to do other than observe and take advantage of the dips, which are few and far between. This is a short trading week as we transition into July.
