nymarketxrt
Debt ceiling tentative agreement optimism continued into Memorial Day, and S&P 500 opened the Globex session with a bullish gap, which the sellers (unsuccessfully) attempted to close, and the true battle of today is going to be waged in the 4,235 – 4,245 area. In short, if there is going to be any sell the announcement news, it has to happen early in the regular session, otherwise the very narrow breadth and extremely selective ES upswing feeding off AI, Big Tech, communications and consumer discretionaries, is to continue. (…) If anything, the market has become ever more concentrated, with Nv...
ValueWalk
Retail Sector Bottoms On Mixed ResultsThe Retail Sector (NYSEARCA:XRT) is rebounding but we don’t think investors should cheer too loudly. The move is driven by the combination of oversold markets and mixed results and we don’t see it going very high. While the XRT Retail Sector ETF is bouncing from a technical support target but that target is a weak one and there is strong resistance ahead. Resistance at the $70 level was once a strong support level so should now be viewed with absolute caution. A move above that level is possible but we don’t think it’s coming. Q1 2022 hedge fund letters, c...
ValueWalk
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