10/20 Bearish. 120 Buying | 285 Selling.
% Stocks Over 50SMA is Bearish. Primary Indicator is Bullish – Caution. 20% Weekly is Neutral.
The market showed resilience with solid weekly gains, led by consumer staples and financials recovering from recent setbacks, while tech held steady amid mixed semiconductor performance.
Consumer staples and financials outperformed, with volatility easing as VXX declined; semiconductors and industrials showed measured strength, while materials and utilities lagged.
Upcoming catalyst: September Leading Indicators on Monday and a quiet Tuesday ahead of next week’s delayed September CPI report.
Key Takeaway:
Swing traders should focus on selective continuation plays in technology and materials, especially names showing late-day strength and closes near highs. Avoid sectors showing late fade or weakness like transports and some managed care names. Use support zones for entries and tighten stops below key intraday lows to manage risk amid the cautious overall sentiment.
Watchlist
Continuation: MSFT (S1: 513.5, S2: 513.0, S3: 512.5, R1: 515.5, R2: 516.5, R3: 518.0)
Anticipation: MU (S1: 202.0, S2: 201.0, S3: 200.0, R1: 203.5, R2: 205.0, R3: 206.5)