Latest Market Insights
Today we’re getting the first back to back sell days in the $SPY since before the election on November 3rd and 4th.
Given where we are intraday on Thursday, we’ve also broke back below the August highs of 219.60, a minor level of interest.
We’re only 2 points off the highs which means, we barely qualify for being in a “pullback” in terms of the broad market S&P500, but looking a little deeper,
Despite the recent pullback and relative under-performance hitting large cap tech stocks , Microsoft sets itself apart, resiliently trying to make new all time highs.
A look here in on multiple time-frames shows just how strong price action has been over the the past several weeks, months, and years.
Today marks the first day in 8 that the Russell 2000 ($IWM) pierced below its prior days low, and even more importantly this could mark the first down close in 15 days for the small caps.
It’s safe to say, US equity markets have been on a bit of a run recently.
But while we finally see some signs of profit taking in the strongest parts of the market today, we’re seeing another sector emerge to new multi-year highs.