Systematic Strategies and Next Level Technical Analysis
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There is broad strength within the Healthcare sector because over 80% of its stocks are in long-term uptrends. This is also true for Energy and Finance. The Healthcare SPDR and Biotech ETF confirm strength with both hitting new highs this week. Within these groups, I see a flag breakout in Eli Lilly and a steady uptrend in Biogen. $XLV $IBB $LLY $BIIB
Breadth continues to improve with more than 70% of S&P 500 stocks above their 200-day SMAs. This number is even higher for the S&P 1500 (75%), which means small-caps and mid-caps are stronger than large-caps. Nasdaq 100 breadth is not as strong, but
The stock market remains in bull mode, but traders should be prepared for the possibility of a correction or pullback. It has been 91 days since the last 5% drawdown and seasonal headwinds are around the corner. SPY, QQQ, XLK and the AI ETFs broke out with surges in early August. It is important that these breakouts hold. Today’s report will set the key levels to watch. $SPY $QQQ $RSP $XLK $SMH $SOXX $DRAM $AIQ $ARTY $DTCR $IDGT $UFOX $IYZ