Technology, Discretionary, Comm. Svcs holding markets up despite poor breadth

In this about 8-minute video, Mark L. Newton, CMT reviews the S&P 500 outlook this week by examining how a small group of sectors — Technology, Consumer Discretionary, and Communication Services — is influencing index performance despite weak overall market breadth. He walks through recent sector moves across all 11 S&P sectors, highlighting the divergence between cap‑weighted indices and equal‑weighted sector ETFs, and discusses what this rotation means for growth versus value, as well as implications for benchmarks like Invesco S&P 500 Equal Weight Technology ETF (RSPT).

Newton also analyzes the recent pullback in US Treasury yields and the US dollar in the context of economic data surprises, using the Citi Economic Surprise Index (CESIUSD) and the 10‑year Treasury yield (TNX) to frame cross‑asset trends after the US election. He then focuses on West Texas Intermediate (WTI) crude oil, OPEC+ supply decisions, and key technical levels for major Energy ETFs (XLE, XOP, OIH), and concludes with a single‑stock technical review of Uber Technologies (UBER) and its removal from his UPTICKS list. The full report includes charts, cross‑asset relationships, and Newton’s detailed technical view on equities, rates, the dollar, crude oil, and Energy stocks into late December 2024.

In this about 8-minute video, Mark L. Newton, CMT reviews the S&P 500 outlook this week by examining how a small group of sectors — Technology, Consumer Discretionary, and Communication Services — is influencing index performance despite weak overall market breadth. He walks through recent sector moves across all 11 S&P sectors, highlighting the divergence between cap‑weighted indices and equal‑weighted sector ETFs, and discusses what this rotation means for growth versus value, as well as implications for benchmarks like Invesco S&P 500 Equal Weight Technology ETF (RSPT).

Newton also analyzes the recent pullback in US Treasury yields and the US dollar in the context of economic data surprises, using the Citi Economic Surprise Index (CESIUSD) and the 10‑year Treasury yield (TNX) to frame cross‑asset trends after the US election. He then focuses on West Texas Intermediate (WTI) crude oil, OPEC+ supply decisions, and key technical levels for major Energy ETFs (XLE, XOP, OIH), and concludes with a single‑stock technical review of Uber Technologies (UBER) and its removal from his UPTICKS list. The full report includes charts, cross‑asset relationships, and Newton’s detailed technical view on equities, rates, the dollar, crude oil, and Energy stocks into late December 2024.

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