With Zenolytics downside target for the market hit in as close to a precise time and price manner as possible, here is what to expect for the remainder of this week:
- The SOX will reassert its leadership role on the upside. Indeed, we have seen what is now three straight days of outperformance for the SOX as highlighted on Twitter repeatedly.
- The markets will end at or near their highs for the week. This means that the currently rally, while perhaps experiencing some downside volatility mid-week should end the week on the highs.
- Treasury yields on the ten and thirty will continue their dramatic rise with the ten year yield ending above 2.25%.
- SaaS names will reassert their leadership role as investors who blindly sold over the past several trading days out of fear for a great market calamity in the offing come stampeding back.
- Gold will fall as it is on the verge of encountering significant resistance at these levels while moving into a notoriously weak seasonal period.
- The most resilient names during the May debacle for equities will assert their position as leaders of the new school. Among the top candidates are SNAP and AMD, both of which were recommended buys by Zenolytics in May.
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