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For some time now we have mentioned the recent weakness behind the scenes and hope everyone has exercised caution. Last Friday, the S&P 500 breached our key support level after several tests the week prior. While it closed just slightly below, it is still a breach nonetheless and something we have to take into account as the next support level is approximately 6% lower than where we currently are. Below we can see that all sectors closed in negative territory with the exception of communication services that barely managed to hold in the green. With sellers taking the reigns, we are expecting some continued selling pressure and more volatility.
Check out this week’s trade ideas.
Last week’s sector performance
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