Continuing the gains from the previous day, the S&P 500 increased in value by about 100 basis points largely on gains from the more cyclical sectors. That said......
The price/volume heat map is weaker versus the 6/25 trading day. This is as overall volume levels flowing into equities dwindles. For comparative purposes, I show the heat map for both yesterday's trading day and for trading on Tuesday. It should be obvious that the price/volume dynamics are weakening, and this weakening is occurring across all sectors. I continue to think we could trade into the 1,610 level on the S&P 500, but that any further increase is setting up equities for a decline into low-to-mid 1,500 level.
Heat Map- 6/26
Heat Map- 6/25
The price/volume heat map is weaker versus the 6/25 trading day. This is as overall volume levels flowing into equities dwindles. For comparative purposes, I show the heat map for both yesterday's trading day and for trading on Tuesday. It should be obvious that the price/volume dynamics are weakening, and this weakening is occurring across all sectors. I continue to think we could trade into the 1,610 level on the S&P 500, but that any further increase is setting up equities for a decline into low-to-mid 1,500 level.
Heat Map- 6/26
Heat Map- 6/25
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