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(M2) Primary Trend Still Down


(M2) Resistance Still Intact


Overnight Downtick


Firming Up A Little

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  • While Wall Street edged lower Friday, US equity markets clocked a significant gain on the year, rising over 25% over the past twelve months. Both the S&P 500 and Dow Jones Industrial Average printed a fresh alltime high this week, with Friday trade seeing prices consolidate just below.
  • Communication services and tech names led the decline, countering strength across real estate and the defensive healthcare sector.
  • Although trade was thin Friday, Pfizer topped the index as the UK health authority formally approved the Paxlovid COVID-19 therapy, adding to the company's suite of products aimed at hastening the end of the virus pandemic.
  • European trade was more mixed, with the FTSE-100 and CAC-40 shedding around 0.3% into the close, while Germany's DAX and Spain's IBEX-35 managed to notch up gains into the early close.
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