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Morning Insight: Dec. 3, 2019

By:

CMT

Stocks Start December on a Sour Note Following U.S. PMI Data and Trade Comments

  • Stocks Pullback on U.S. PMI Data and Trade Concerns
  • SPY Has Support in the $300 – $305 Zone
  • Technology Remains Strong Relative Leadership
  • Discretionary Holds Relative Support
  • Futures Point to a Lower Open Today

Key Chart – Tech. Select Sector SPDR Fund – XLK – Very Bullish

The Technology Select Sector SPDR Fund (XLK) has a Very Bullish Chaikin Power Gauge ETF Rating and has been leading the SPY since February. The OB / OS Indicator is in the middle of the range but Chaikin Money Flow is bullish. XLK is above the rising long-term trend line and has a bullish Power Bar Ratio at 19 to 7.

XLK is above the rising long-term trend line and has a bullish Power Bar Ratio at 19 to 7.

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