POSITIONS: Long Utilities (XLU)
Today I am registering my 1st sell signal on an immediate-term TRADE break. In other words, what was immediate-term support is now resistance, and unless the market closes > 1458, short-term lower-highs look more likely than they did last week.
Across our core risk management durations, here are the lines that matter most:
- Immediate-term TRADE resistance = 1458
- Immediate-term TRADE support = 1441
- Intermediate-term TREND support = 1419
So I’d wait and watch here (stay hedged) for this 1 range to be tested. Unlike prior months and quarters, Earnings Season is no longer an obvious bullish catalyst.
Keith R. McCullough
Chief Executive Officer