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Takeaway: Unlike prior months and quarters, Earnings Season is no longer an obvious bullish catalyst.

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:

  1. Immediate-term TRADE resistance = 1458
  2. Immediate-term TRADE support = 1441
  3. 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.

#EarningsSlowing.

KM

Keith R. McCullough
Chief Executive Officer

Tough Spot: SP500 Levels, Refreshed - SPX