The attached chart shows the SPX languishing in that same area of resistance we discussed the last 10 weeks. A reminder though that as discussed last time, we need to be more focused going forward on individual equities and less on the averages, as they have diverged significantly.
When I scroll through 100 stocks I follow and see what possibly looks attractive, there isn’t much. As I mentioned last time I have Shopify on watch to possibly buy at lower prices. So that is still telling me that I shouldn’t be chasing here. Obviously there are a number of stocks that are more or less reflective of the attached SPX chart and that chart instills absolutely no urgency to participate.
JPM is one I will update on the weekend. Eventually patience pays.