Will The Next Bid Last?

(MENAFN- Investor Ideas) Heavy premarket selling turned into ES almost testing 5,470, which was readily bought, but after 30min of buying, S&P 500 couldn't just reach any higher - only Nasdaq did, and still it couldn't flip QQQ:SPY or its own breadth metrics into bullish territory.

And why should it? Semis and memory are in trouble, technically and in terms of reaction to earnings / guidance good or disappointing. Software is sideways at best, and the sentiment overall is leaning towards no rate hikes soon (Jun inflation data were good, but discretionaries still can't rally). Sectoral performance is clearly defensives-well-bid, and Friday's brief moment of tech outperformance was a rare moment of when these (XLP, XLU and of course XLV) came down.

There would be simply bounces like that in the equities correction that's unfolding, and markets haven't reacted yet duly to Mideast (major) escalation ahead talked with clients Friday ("hot, very hot weekend ahead").

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All essays, research and information represent analyses and opinions of Monica Kingsley that are based on available and latest data. Despite careful research and best efforts, it may prove wrong and be subject to change with or without notice. Monica Kingsley does not guarantee the accuracy or thoroughness of the data or information reported. Her content serves educational purposes and should not be relied upon as advice or construed as providing recommendations of any kind. Futures, stocks and options are financial instruments not suitable for every investor. Please be advised that you invest at your own risk. Monica Kingsley is not a Registered Securities Advisor. By reading her writings, you agree that she will not be held responsible or liable for any decisions you make. Investing, trading and speculating in financial markets may involve high risk of loss. Monica Kingsley may have a short or long position in any securities, including those mentioned in her writings, and may make additional purchases and/or sales of those securities without notice.

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