Article
Market Leadership Is Narrow, Increasing Summer Risk
Market Leadership Is Narrow, Increasing Summer Risk
Authored by Lance Roberts via RealInvestmentAdvice.com,
📈Technical Backdrop – Friday Selloff Tests The Tape
The S&P 500 closed Friday at 7,408.50, surrendering Thursday’s historic first close above 7,500 with a 1.24% decline. The semiconductor names that powered the rally became the source of Friday’s selling. Intel fell 5%, Micron 4%, AMD 3%, and Nvidia 4.4%. From a purely technical standpoint, Friday’s reversal was the first real distribution day in three weeks and the mean-reversion signal we have been flagging.
The deviation numbers are the story. At 7.0% above the...
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