S&P Back at ATH | GoNoGo Show May 16, 2024

Alex Cole and Tyler Wood, CMT provide you with a daily trend analysis, focusing on the bull market in the S&P, with particular attention to the technology sector, where semiconductors are leading the charge. In the current market climate, the S&P 500 (SPY) is showing resilience, despite some defensive positioning from Utilities and Consumer Staples as the outperforming sectors. Previous headwinds posed by the US Dollar index (UUP) and US Treasury rates ($TNX), have cooled. Notably, within the commodities sector, mining and minerals remain the consistent outperformer, with natural gas, Brent crude, and US oil all demonstrating NoGo relative underperformance of the equity index. Looking at both industrial metals (CPER) and precious metals (SLV) we have strong “Go” trends in both absolute terms and relative outperformance compared to equities.

Analyzing the GoNoGo Sector Relmap, the Consumer Staples (XLP) and Utilities (XLU) sectors continue to shine on a daily basis. but it was Technology (XLK) that led the gainers yesterday as the S&P closed at fresh all time highs. WIthin tech, Semiconductors (SOXX), were the industry group showing the greatest relative strength within the sector. Alex and Tyler review several individual equities showing current “Go” trends or promising basing conditions: QCOM, MU, NVDA and AMD.

This show closed with a look at Gamestop GME and how to responsibly manage risk in high volatility conditions.

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