Short squeeze to trap
|S&P 500 struggled with 6,665 for as long as it did not anymore – are the sellers defeated now, or is 6,730s the new resistance? Sectoral view would be leaning bullish with XLK, SMH, XLY and XLC doing great, but I see a few flies in the bullish ointment that necessitate return to at least 6,665… if you look carefully at the mix of names that did rally Monday.
I‘m also worried about the meek Bitcoin rally – doesn‘t look to be the real deal, unlike what precious metals with their slow grind higher are providing (Trading Signals clients are benefiting). With retail sales, PPI and housing data with some bond auctions on top, there is no shortage of catalysts today. Ready for rich (premium Telegram), then some Twitter coverage?
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