SPY has significant resistance from here to 207 and we would expect this area to fail. We have seen very strong improvement in XLI and XLB, and less in XLE from the accumulation models. This makes some sense to us – we have surmised, and indicators have suggested, that oil could build a base, and not advance much beyond these levels, but if it stops declining it would give added confidence to the markets, especially Industrials and Materials.
Sorry this page is available to subscribers only. If you're not a subscriber why not join today?