POSITION: Long Healthcare (XLV)
Long anything here is not good. The SP500 is in a Bearish Formation (bearish across all 3 risk management durations):
- TAIL resistance remains up at 1270
- TREND resistance (was support) now at 1203
- TRADE support is loosely held at 1158
I think the bulls are trapped for now and have to sell all bounces provided we remain < 1203.
King Dollar is breaking out. The Correlation Crash remains a very relevant risk.
Keith R. McCullough
Chief Executive Officer