Weekend Video – Medium-term Uptrends Battle Waning Participation, Seasonal Patterns and Excesses

Today’s video starts with the medium-term uptrend and key indicators for the S&P 500 because they hold the key as we move into August. The bulk of the evidence remains bullish, but fewer stocks participated in the July advance and the market took a more defensive tone. The breakouts in IWM and XLI were not inspiring, XLF continues to lag and XLU was the top performing sector in July. I will also review the excesses in QQQ, the seasonal patterns, the breadth models, the ChartBook, the Fed balance sheet and yield spreads.

Thanks for tuning in and have a great weekend!

-Arthur Hill, CMT
Choose a Strategy, Develop a Plan and Follow a Process

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