⚠️Wall Street Week Ahead: *Strong Jobs Report Could Test Fed and Short-Term Rally $DIA $SPY $QQQ $IWM $VIX
Irrespective of the fundamentals, I have been providing bearish calls since the market topped out technically.A strict reading would characterize the current medium-term trend as sideways. However, if the short-term rally completes the rising wedge with a downside breakout, it will retest the October low.
In examining the S&P 500 sectors, I am seeing that technology and communication services have been picking up in the monthly and three-month timeframe. Will their short-term rally be the beginning of a reversal? I don't think so. These growth stocks are rising because the market has been risk-on in the short term. However, if the medium-term downtrend resumes, they will fall again.
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