In a week where we do not have any major economic reports the story will be a technical one. It is a good story as well. It might not be “A Tale of Two Cities” but it is a story worth reading. You have falling moving averages that have been acting as resistance…acting as a reign of frustration for bulls attempting to gain any traction. You have moving averages and horizontal support levels acting as a wall of support, preventing bears from enjoying a rare moment of victory in 2023. Technical analysis is amazing and eventually someone will win this battle and gain control of the market. When they do it will provide the next round of quality trading signals. Technical analysis will tell us when this next chapter is ready to read.

While we peruse through the pages of this story in the coming days, sector analysis will provide potential trading signals for the coming days while we wait. Sector analysis is one thing that we do particularly well at Tackle Trading and each Monday on the Halftime Report we break down the sectors and preview the week ahead. It has been a story of rotation over the last several weeks with cyclicals leading tech and we will break it all down in the Halftime Report today.

Have a fantastic week ahead!!!

Chart of the Day: S&P 500 (/ES)

Until this pattern gets resolved it is hard to look at too many other places as the pattern of the day. The S&P 500 has moving average support at the 9-weekly and 50-daily while short-term moving averages are acting as resistance. This cannot stay in the formation forever and eventually a winner will be declared but it probably best to be a little patient and cautious until that occurs.

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