Market Outlook
The new all time high train may be slow but its still inching towards its destination of 800+ in the S&P. Last week the market was able to push out of the mickey mouse flag it has been forming to ring the new all time high register.
But with VIX hovering near 52 week lows, we should continue to expect some slower price action coupled with the final few weeks of summer that are historically slow for trading in general.
So the day to day moves will be small over the next few weeks but there are still some sectors setting up that are worth keeping an eye on. Industrials and Consumer Discretionary are two sectors that have textbook bull flags forming.
Industrials are flagging out after retesting the all time high, so all we have to do is keep a closer eye on the names in this sector as it gears up to break that 363 area.
Now with the Consumer Discretionary, it has had more than 7 attempts in this area to finally climb north of the 400, a much more clear level of resistance that should be breaking out very soon.
There are still a handful of other strong sectors as well, Financials, Healthcare and the Dow 30 names are in clear stage 2 breakouts. While sectors like Semi's and even Energy names have been gearing up to retest there own ATHs after going through some weakness after topping out this year.
On a side note, I want to thank everyone who has supported the Dumb Money book as the book broke into the top 50 list on Amazon for stock trading books. The link is below if you wish to order a copy and if you would like a free copy shoot me a DM and I'll happily send you a copy! P.S. its super easy and free to leave a review on the Amazon link below, all you have to do is scroll down to where it says "write a review" taking a moment or two to do that tiny favor is one that means the most to me.
While we gear up for the week ahead from a swing trading standpoint, there are still a handful of textbook blue sky breakouts and newer issues who years later are finally back at there all time highs as well. Continue to scan the market daily looking for those tight risk set ups as we have done a great job lately in the chat sharing new ideas.
From Bennett
Founder Big Picture Trading
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The Dumb Money book is currently listed in the top 50 books about trading on Amazon at the moment, so I just wanted to say thank you to all who have ordered the book so far!
You can order here.
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