Good morning everyone, and welcome to those who are new here!
Congrats to everyone who caught our monster trades from the past few weeks: ERJ for 11% and CRS for 10%!
The S&P 500 retraced slightly last week with localized increases of supply on 2 sessions after the extended rally.
Demand tails were observed on those 2 retracement sessions, suggesting a potential continuation of the rally next week.
Although the directional bias is still up, watch out for further spike of supply for a potential pullback to 6100-6150 support zone.
There are no clear leading sectors and industrial groups while a sector rotation is unfolding in and out in various groups. Conservative position size is recommended while testing the water in the market.