Market Outlook
The market closed the week barely a percent away from all time highs with both the S&P and Nasdaq battling it out to try to be the first one to hit new all time highs. Where my money is on Nasdaq winning this race.
Given that the tech sector continues to be the only sector that is getting any real love from buyers. As a handful of the mega cap tech and semi names had quite the week.
Names like META, AMD, INTC and ARM all increased by more then 10% last week. While the rest of the major sectors continued to drift lower on treasury yield and further rate hike fears.
This breakout in the 10-year Treasury yield is one of the main reasons we're seeing downward pressure across so many sectors. The relationship is especially clear in REITs, which have been hit hard as yields have moved higher.
But its not just REITs, across the board most sectors are in there own respective breakdown stages and as we know, there is never a time to try to chase a breakdown stage. Those breakdowns have to still base out before they're worth focusing on.
Seasonly, September tends to be one of the weaker months for stocks as a whole but the good thing is October is right around the corner. We just have to continue to focus on the tech names that are showing us tight set ups for the week ahead.
Earick called out one of the best charts in the semi space, SKHY is a new issue that has gotten back to its IPO ATH in a record pace.
As we know, this is the one time where we want to focus on a new issue. As its trying to push through to new ATHs and it could not be tighter in a sector that has been very strong lately.
For the week ahead focusing on names like SKHY or STX, MEDP, LITE, DDOG, HPE and even NVDA make the most sense given how there charts are setting up.
From Bennett
Founder Big Picture Trading
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Cyclical - sectors that are more sensitive overall market conditions.
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Defensive - sectors that tend to outperforming during sub par market conditions.
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DDOG
HPE
SKHY
LITE
NVDA
MEDP
STX
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