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SPY Sees Great Action, But Consolidation Isn't Far Off

Published 12/09/2016, 03:41 AM
Updated 07/09/2023, 06:31 AM

It’s been quite the week with some wild swings in Pharma and bio stocks but they are still setting up nicely, while steel stocks continue to show very nice strength like we haven’t seen in years, but they do need some consolidation shortly.

Silver is trying to take the lead and bring gold higher with it, but so far it’s not succeeding exceedingly well.

Talk of a Netflix Inc (NASDAQ:NFLX) takeover continued Thursday with Apple Inc (NASDAQ:AAPL) in the mix with Walt Disney Company (NYSE:DIS) now, while China cut daily ATM withdrawals in half and Las Vegas Sands Corp (NYSE:LVS) and Wynn Resorts Limited (NASDAQ:WYNN) were hit hard and low as a result.

SPY Daily Chart

Great action from SPDR S&P 500 (NYSE:SPY) but we are overbought right now so some consolidation can’t be far off.

Ideally we see SPY setup like the steel stocks did before this weeks newest breakout.

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