Daily Game Plan Highlights

Asset allocation model at short term potential reversal support. TLT vs SPY is testing the .786 retracement which may prove to be a short term reversal area. If this holds look for SPY to stall. The long 30 year bond and long E-Mini S&P 500 is also at a short term trend line. Failure here would see a give back in the equity indices. A push through this trend line however, would open up for continued upside momentum swing to retest the .618* retracement.

SPX is gaining upside momentum this week as it gains above the descending trend line. There was only a one day settle below the key 200 day moving average which had everyone's attention on multiple intraday breaks.

ESM8 has an initial target resistance of 2752.50 area. The target and potential failure level in NQM8 is 7020 (170.65 in QQQ).

Consumer Discretionary sector has been choppy, but would likely see upside momentum above the trend line resistance which it settled on yesterday.

Emerging Markets have been a headwind for the overall global equity tone. A clean break above this trend line would likely see upside momentum here.

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