Seems a bulk of the sectors had a hold & bit of a rebound yesterday, a reprieve from the onslaught of selling over the course of the week. If this reversal remains to be seen. ?ES has surpassed daily 3950 level premarket, which seems like an exhibition of continued strength.
Seems consumer staples, utilities, & potentially health care are showing the most strength premarket.
Consumer staples
- WMT | Channeling on the daily, currently in between channels with some levels to trade around. Consider trading reversal of channel lines or wait for break out of channel if it manifests with meaningful activity
Utilities
- NEE | Could be falling wedge. Significant Daily level at 70 coinciding with wedge upper trendline. If this level can be overcome with meaningful activity, if there is confluence with market, look to play upside.
Energy
- XOM | In between upward channel now. Above 88.5 there is a gap to nearly 92 from the closing. this could be significant opportunity if the zone is reached today. Set alert.
Information Technology
- AAPL | Has large red wick premarket, this often seems to be a harbinger of downward movement. NVDA exhibiting a similar pattern.
Healthcare
- MRK | Rising wedge on daily, approaching all time highs. Could see a blowoff top, but the bearish pattern is seemingly strong. Exercise caution, but the trendlines could be good place to short from.
Overall
- SPY | Massive gap up, if it can hold above 398 to 400 then perhaps we could see continued upward momentum, the last bounce off this trendline on the daily resulted in a 3 day rally. Do not scorn the potential for a relief rally. The trend is still clearly down, but a pop could be viscous. 398 seems a tempting place to short from, following the index down to fill the gap,