Advance through defensive breadth
|S&P 500 had a fine opportunity to offer late buyers a new entry point yesterday, but recovered from the early session‘s setback – one that was shallower than that of Monday. The index continued up, breadth broadened, but something was (and is) amiss – and it‘s tech not participating. Energy being among the leading sectors isn‘t a long-term reliable omen either, and both hint at hidden issues with the stock market advance.
Advance, which is defensive in nature, and can see a corrective move striking – how reliable timing tool is that? Not particularly reliable, and that‘s why the below was my European morning analysis shared with clients (check also the bond market chart below, purring along).
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