Back Inside the Chop Box 📈 The Chart Report

Yesterday the S&P 500 printed a strong bullish engulfing candle following a massive reversal off the intraday lows. 

These types of moves can often mark the early stages of a trend reversal, but meaningful follow-through is required — something the market failed to deliver today.

Eric notes that mental capital is finite and worth preserving, and staying stuck in a choppy environment may be more taxing than waiting for confirmation in either direction.

The Takeaway: Yesterday’s bullish reversal was a step in the right direction, but the market will need meaningful follow-through to break out of its range.

The Magnificent Seven is retesting a confluence of support at its former all-time highs and the April low AVWAP.

Check out the full analysis from Alfonso De Pablos.

So far this month, Technology is the only sector in positive territory. 

See the entire post from Mike Zaccardi.

The Communications sector continues to look constructive as it maintains a pattern of higher lows.

Explore the latest article from Frank Cappelleri.

The Biotech ETF remains tightly coiled above its 21, 50, and 200 day moving averages.

View the whole tweet from Gonza Sanchez.

Small Cap Discretionary versus Staples is experiencing a failed breakout its prior cycle highs.

Is the Russell 2000 going to follow?

See the entire post from Sam Gatlin.

The trend in Commodities still appears to be in its early stages, supported by a fresh relative breakout and improving long term momentum.

Check out the full tweet from Jim Knarr.

Despite long-term outperformance from the S&P 500, the Gold/SPX ratio has seen significant volatility along the way. 

See the complete post from Mark Ungewitter.

Oil’s intraday price swings have reached unprecedented levels recently. 

View the whole tweet from Jim Bianco.

The Chart Report curates best-in-class technical analysis from across the web. 

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