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MYY, PSQ, KRE, DXD, MZZ, QID, SDS.

ETF Pans: none

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GLD LQD, EWT, EWY, BBH, EWZ, IAU, WMH, MTK

ETF Pans: none

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Bonus stock pick: Qwest Communication Inc (Q).  The stock is kissing the belly of the two-year trendline. 

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As predicted, the Russell continues to outperformed its peers, the S&P 500 Index.  Although, it seems to have a difficult time around the area of key resistant level.

Wrap up: Price are now congesting in a range roughly bounded followed last week’s bounce. Keep an eye on the major low (August 16).  More likely than not, this level will be retested and exceeded, though only marginally.

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As we’ve predicted right here in the previous update “expect the SP 500 to consolidate around current level for at least a couple of days” - the S&P 500 index closed around the flat-line Monday.

(Click on image to enlarge)

Not much had been changed since last update, breadth remains largely oversold.  However,  today prices retreated on a pronounced decrease in volume; and this is a good sign.  With that said,  there is a high probability for a retest of resistant at the 1490 level as long as the index holds above key support at last week’s low.

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So far,  August 06 low was tested and held.  This is encouraging, at least for now.  Although, the breadth indicator remains large oversold and shown no sign of improvement.  And we, therefore, expect the SP 500 to consolidate around current level (1429-1480) for at least a couple of days.

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