NDX to Lead ES Again Or Not

S&P 500 disappointed the bulls on a daily basis, and the overall performance esp. NDX, XLC, XLF, XLI and XLU casts short-term doubts over the island continuation theme – i.e. over the tight range sideways move that keeps above 4,555 key support. The key three stocks to watch for signs of leadership, are NVDA, AAPL and MSFT – the upswing (strength rebuilding within a rotation that is led higher by tech – by the way, see how things turned out after I took aim at the momentary Russell 2000 over Nasdaq outperformance?) or at least sideways to gently up move still above the key 4,555 support seeing more advance-decline line improvement.

I also hope you didn’t miss the timely warning and didn’t rush into oil...

To give you a relevant preview – incl. chart commentary – as to what counts as proper intraday ES analytics within our channel (swing traders needn‘t to act right now as the views held for 1-2 weeks ahead, haven‘t changed)…

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Let‘s move right into the charts (all courtesy of www.stockcharts.com) – today‘s full scale article contains 5 of them, featuring S&P 500, credit markets, precious metals and oil.

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Credit Markets

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Bonds dialed back their daily optimism, and confirm the very short-term caution regarding stocks. Alarm bells aren’t ringing, but the color that’s flashing is yellow.

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