S&P500 Retesting The August Highs
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,we are seeing a very split market where Financials, Energy, and select Industrials lead strongly, while Technlogy and rate sensitive Utilities get clobbered.
This was discussed in more detail in our video recap yesterday.
Depending on your holdings, this may still feel like a wonderfully bullish market, or, if you own the latter group of stocks, you’re feeling quite a bit of pain.
Just remember, if you missed the V shaped post election rally higher, and you were looking for a pullback, don’t let these developments pass you by.
We continue to remain long in a few positions, but with lower exposure than we’ve been over the past two weeks.
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