28th November 2023
Gauges are suggesting a pullback is imminent with low breadth, breakdowns on the 65 minute 17 ema and the majority of breakouts getting sold into. Oil & Gas still looks like it wants to pivot and commodities remain strong.
Don’t get me wrong, overall sentiment is bullish. We just need to see some healthy pullbacks & rotation/increased participation.
$XLE – Looks great for a pivot with multiple names in the sector gearing up a notch. Hasn’t closed above trend in weeks. A likely move in tech pulls back and we rotate for a few weeks.
$KRE – Still looks good on the daily timeframe.
$MPC – Beautiful weekly in the Oil & Gas sector.