Look at the top of the 3810-3900 previous inflection point for the S&P 500 index.
The important support will continue at 3702 during the period this week.
The next important support level is 3509,Which is a 50% retracement of the full height from the 2020 pandemic lows.
- The last VIX high at 35.05, the close below 32.05 is a buy signal for the indices,
The Energy Select Sector SPDR (XLE) is a non-diversified ETF. It tracks the largest oil and gas, consumer fuels and power equipment companies in the S&P 500. The ETF has a dividend yield of 2.5%, and is up 59.8% year-to-date.
The fund is down 5.2% on Monday and is set to see a further decline, however the long-term trend for energy is strongly positive.
The Nasdaq Composite has rebounded more than 50% from its low in just 15 days. Such quick and significant bounces have a strong tendency to make more gains.
Just 15 days after its 52-week low, the composite Nasdaq has already regained 56% of its decline. Analysts say this is exactly the same bounce that the Nasdaq made back in its first 15 days of rally in 2020.
Gold miners have really started to shine of late. The SCTR ranking of GDX, which represents the gold miners as an ETF, pushed up a couple of months ago. After surging to new 52-week highs in February, the gold miners quickly pulled back. This week, they look set up to really push to higher highs. The relative strength is breaking a 3-month downtrend...