# Were Traders Waiting for This Pullback? State of the Market 6/8/26

## Метаданные

- **Канал:** TradeStation
- **YouTube:** https://www.youtube.com/watch?v=UWu2lcXbQIs
- **Дата:** 09.06.2026
- **Длительность:** 35:21
- **Просмотры:** 108
- **Источник:** https://ekstraktznaniy.ru/video/53084

## Описание

The #StockMarket finally dropped after 9 weeks of gains. With #earnings still growing, is the pullback an opportunity? Learn more about key trends and indexes in State of the Market with David Russell, live Mondays at 2pm ET. #TechnicalAnalysis $AAPL

https://www.tradestation.com/insights/2026/06/08/waiting-for-pullback/

https://www.tradestation.com/important-information/

https://www.tradestation.com/insights/etf-disclosures/

https://www.tradingview.com/broker/TradeStation/publications-ideas/

## Транскрипт

### Segment 1 (00:00 - 05:00) []

Hello folks, welcome to state of the market. This is David Russell, global head of market strategy at Trade Station. It's great to be with everyone today, which is Monday, June 8th. And today we're asking whether this pullback is the kind of nice pullback that traders have been waiting for eight or nine weeks of steady upside with a sharp pullback last week. Going to look at how much technical damage was done and some other considerations along the way. First wanted to show you the standardized returns of some ETFs that we're going to be um talking about. As usual in this webinar on Mondays, we like to look at the big indexes, the big trends. Um we like to use weekly charts especially to just kind of have a sense of where we stand overall. So just Sanize your turns. Before we do anything else, I want to just jump very quickly. Well, first go to tradesstation. com, go to insights, go to market insights, and you can see um this article, which is the um where traders waiting for this pullback. This article has a lot of the material in it that we're going to be covering in today's presentation. First, I want to look very quickly at this chart, which is basically um an enhanced chart based on what is in my article here. Um this article has this chart in it, and I added a little bit more to it um just to cover this, but I think it's very interesting. is the S& P 500. So, few things to point out. First, we have this daily level from over here. We didn't get to it, but we slammed down pretty close to it and now we're holding. So, when we look at the context, the way this market has behaved for a while here, you know, for example, look at this level back here last October. Slam down and did not break lower. Also, I think another one is very interesting which I think is the biggest comparison to what we have right now is the beginning of August of last year. Technically, I think is very interesting because you can see that basically the S& P pulled back to the bottom of its Kelner channel which is the gray line on this chart on this chart. These gray bands is a Kelner channel. It slammed down and it basically held and then continued higher. So I think what's interesting here is that um we have two technical indicators that are very similar to this moment in time. First is RSI had been overbought and we pulled back to roughly kind of 40 to 50 range on RSI. That's exactly what we've done over here with RSI. The second thing is this is I call it my slow MACD. I basically take the normal MACD settings which are um you know 12 and 26 and nine and I multiply them all by four and that gives you a much longer slower MACD. And what I think is interesting about this is I've noticed that when this thing tends to expand it gives a very strong sense of intermediate you know term momentum. Um and what's interesting here is you can see we had this big thrust. This was coming off of the whole tariff panic. this big thrust to the upside. This was the first really strong pullback that happened in the beginning of August and had continuation. So you can see that thrust is shown in the in the um the very big MACD which is opening up and um and expanding. And then we have very similar sort of pattern here. In fact, this pattern might be even more it's pretty similar because both of them had kind of thrust open and we're just starting to see the histogram work down a little. Now remember this histogram can fade for a long time before the market actually stalls. Excuse [clears throat] me. One thing is actually interesting here is you can see the histogram was negative and it's also very similar to right after the time when Trump got elected and the market was stalling. Could see here I remember this in late 24. We were down in Miami for our um crossroads conference and you can see MAC D was falling and then the tariff panic hit in February of 25 and the sell-off hit. But I remember that around the time of the election, we had already seen the longerterm MACD had been stalling. And so it's interesting that you can see here in this case as well, the longerterm MACD is still in the expansion phase. So you look at the way the market has historically behaved um and it's historically kind of seen um moderate strength following the MACD thrust and um the pullback comes weeks and months later once this longer term MACD really turns red. So I think this is a very important thing to look out to look at. Now as you look this week, one of the things I mentioned in my article here is the fact that we had some very strong economic data. Um and I think what's interesting here is that you now have on multiple fronts. Um you had the institute of supply management had strong data. The jolt job report showed a significant improvement in job openings. And the third thing was payrolls were very strong with strong revisions as well. So you put those three things together and it basically takes the idea of the Fed cutting rates and it just kind of throws it out the window. So this is the Fed CME watch tool or the CME Fed watch tool and um look at the end ofear projections and looking at December we can basically see

### Segment 2 (05:00 - 10:00) [5:00]

now a week ago there was you know a 46% chance of rates staying the same and about you know kind of 52% chance of at least one rate hike. Now we have only a 28% chance of rates staying the same and a more than like a 65% chance of at least one rate hike. What's interesting is that the chance of one rate hike stayed the same. All the real change occurred up here on the higher bands, the kind of two rate hikes or even three rate hikes. So I think it's kind of interesting. Don't forget we have CPI on Wednesday. Don't forget 8:30 and Wednesday morning you get the CPI report. So that's a big thing. Next week we have the Fed. But I think at the same time it's important to realize we might have priced in to a certain extent the maximum hawkishness. So it's interesting last week is we've had um Lori Logan and Beth Hammock both come out very hawkish. So at this point in time I think we've seen a very strong sort of pendulum swing toward the hawkish side the side toward higher rates. You can look at the dollar index here on our weekly chart and you can basically see that we've pushed back up the top of this kind of range. I'm going to move some of these lines so we can kind of see a little better. But um you can basically see we've kind of pushed back up. And what I think is very interesting is though last week we had strong jobs and the dollar index didn't break out. The uh Treasury yields did not break out. They went up but they didn't go up to new highs. So from my view here um you got to just maybe you know realize that we might have seen the maximum hawkishness already occur. Now another point I want to make is that no one's but I'm surprised not getting more attention. This is the break even tips rate and it's basically showing that inflation expectations are going down despite the hot CPI. So put all those things together and just realize here is that um at this point in time we might have seen a kind of peak hawkish scenario and one of the reasons why which we mentioned in our article is basically Europe is I'm not going to say they're going into recession or something but they're really stuck in wind here. So Europe had a whole slew of bad economic data last week. At the same time we had a bunch of good economic data. So, we're at a spot now where it's not to say the dollar is going to go screaming higher, but it is at a point now where, you know, Europe is struggling and um and the dollar is strong. Um and we're talking about hawkishness. You put all those things together and it actually kind of means if Europe goes into recession or struggles with recession, that actually takes some of the demand away from global energy. So my view here is that I'm not going to, you know, you overly emphasize any of this, but I think we should realize is that a lot of hawkishness has now been priced into the market and then we get back to that old thing that keeps going, which is monster earnings growth just continues. And what's interesting last week is we continue to see earnings estimates going higher. And you know, I did a little kind of calculation and I actually saw that if you look at the S& P 500 based on um based on the um the PE ratio, the S& P 500, what's interesting is it ended last week at the lowest level since at least beginning of May around 21. 7 um this year's earnings. Um so it's interesting. Wait, no, the past earnings I think I'm actually I don't have in front of me right now, but the thing is that the actual PE ratio was the lowest since at least beginning of May. So earnings have been going higher, earnings estimates are going higher even with this pullback that occurred. So what's interesting is City over the weekend raised his S& P forecast from 7,700 to 8,100 based on earnings. It's very similar to calls made by Goldman Sachs and JP Morgan in late May. So what we continue to see here is essentially um a sort of um continued improvement in the economic u well uh continued improvement in earnings and we see a lot of hawkishness priced in. But at the same time it realizes is that a strong economy can have other benefits coming through and I think this is an important thing to realize. Now before we get to that I do want to mention two other companies in particular which is Marll and Flex. These companies are both going to be joining the S& P 500. Flex is a contract manufacturing company used be called Flextronics. I'm surprised it's on the S& P 500 already, but it was just added and Marll has re is going to be joining, which has been a very strong stock recently kind of pushed by Jensen Wong and things like that. But I [snorts] think the thing that's important is what's interesting is these are both going to be tech stocks. So it continues to show the tech sector just continues to just eat the index, just become the just the dominant thing in the index, you know. So what is it replacing? It's replacing pool which makes like pool supplies is a consumer stock and it replaces Campbell which is another consumer stock. So we see two tech stocks replacing two consumer stocks which I think is fascinating. It continues to show kind of where we are right now in the overall you know world

### Segment 3 (10:00 - 15:00) [10:00]

of the economy. Now we've been saying you know everyone has this obsession oh the consumer drives the economy blah blah simply not true. The fact is that we are not in a recession now because we have enterprise investment spending which has driven GDP. So continuing to focus on the enterprise side on the semiconductors on the hardware on that kind of equipment the capex some of the industrials associated with that remains I think an important trade to be focused on. Um so I think at this point in time it's fascinating. Campbell Soup is, you know, obviously an iconic uh consumer brand. It's one of the original members of the S& P 500 going back to 1957 and now it's getting pushed out of the S& P 500 by a tech stock. So, I think it's an important little piece of history just to kind of see where we are, you know, overall. Let's say we also saw something with Corning where Amazon is going to be um working with them um on um buying more fiber optics for their data centers is interesting. another sort of tech name overall that's interesting. Um, so I would just mention overall the next thing is going to stand out to me is this week we do have the IPO from SpaceX and what's interesting to me take a look at the XLY the consumer discretionary but look at the way it's holding this level around 115 and we're going to get to the weekly chart in a minute but I want to just mention here the thing that really jumped out to me in some ways that was most interesting this week is what's potentially happening here with the XLY. Um the consumer discretionaries here are basically holding the support level which is kind of interesting. At the same time when SpaceX does their IPO they there's a lot of talk from including Dan Ies of Wedbush who believes there's going to be an actual deal of SpaceX somehow absorbing or buying Tesla or who knows what it will be. And I mean these are things that I mean I'm just saying what other people have said and you know this is now being a pretty wellestablished or at least a broadly disseminated and um known argument for the market here. But I think what's interesting is Tesla is in the XLY. SpaceX would probably join the XLC. So you could have this deal coming to market which could potentially be a net positive in terms of sentiment according to analysts for Tesla but then also a huge giant dilutive massive company joining the consumer the communications the XLC. So, I think it's interesting here. We're looking at a situation where XLY has been struggling for a while and so is XLC, but we might be in a spot where we can see some rotation back to consumer discretionaries and maybe some more, you know, the communications remain kind of drifting. I think it's an important dynamic that there is a little bit of a kind of one sector doing better than the other. What I think is also interesting here is that with a strong economy, consumer discretionaries, that could be something that does support retail stocks. I've been looking at names like Macy's, [clears throat] some of these other companies, and they have been performing well. And I think it's important to realize, and we've said this before, is it basically after the retail apocalypse about a decade ago when basically, you know, tens thousands maybe tens of thousands of retail locations across the United States closed. Well, the retailers that have left that have remained, they're in a spot now where they no longer have the excess inventories and all that stuff. This has been true for a while, but a lot of these companies are now in a spot where they do have some overall, you know, pricing power and things like that. And if we do see moderation inflation, energy costs coming down with the strong job market and everything else, there could be a surprise rally in traditional retail stocks into year end. And I think you got to realize that and these are members of the XLY. So, I'm watching right here. The XLY is something which to me, we're going to get to the weekly chart in a minute, but I do believe that right now XLY is standing out with some potentially interesting things that are popping up to me because of the dynamic of SpaceX and the economic data last week and the consumer. That's interesting. Now, the most interesting, well, I not most interesting, but the biggest earnings report this week is Oracle. The Oracle has rallied up and held this level. I was looking at different things in this name and the implied volatility is very high but overall I think we had to also realize that we were talking about Oracle as it formed this double bottom had this pullback and it is in a spot here where um when you look at it technically people seem to be you know thinking more to the upside there a lot of implied volatility people looking for the options um you know looking for upside the options are very expensive but I did want to mention that people looking to be you know interesting in being long this name you know they might almost want to think about a covered all owning shares, selling upside calls, something like that in a name like this can allow people to capture the premium while simultaneously, you know, having some downside protection when options are very expensive. You know, very often um you know it people can look to you know capitalize on that um with m strategies like a covered call. So I wanted to mention that. Now what's also interesting to me is that CBRS talk about IPOs. This company went public back here in uh when was it? Not that

### Segment 4 (15:00 - 20:00) [15:00]

long ago. Back in the middle of May. And today there's several bullish analyst notes on it. Big rebound here. I did want to mention this. It got pretty close to its IPO price which was in the 180s and now it's rebounding today. But this is back on people's radar today. Sarah Sarah, whatever you call it. CBRS is an IP. It was a it's a semiconductor company. Now, another name I want to mention is interesting to me is CMI. This is Cumins, but they have a power supply business. Um, emergency generators for data centers. I got to just mention that, you know, don't forget how Caterpillar turned into an AI data center power name. Cumins today had a note um from UBS, which was an upgrade. So, I want to just kind of mention that Cumins you some of the I mean, we have seen data center tech stuff kind of, you know, percolate throughout the industrial sector. Cumins makes truck engines and stuff, but now they're getting this note based on data centers. And I got to say, look at a chart like this. The way it's holding um not a hugely actively traded name, but this is also, I mean, a potentially, you know, kind of interesting chart pattern. If you look at the way it's holding some of these levels, um this is something that people may consider a pretty sort of um you know, healthy uptrend potentially if you look at this on the daily here and the way it's been consolidating really and not really made a new high for over a month here. People might look for this some potential momentum in this. You can see it did rally on the last earnings and pulled back. So that one here I want to mention especially with that UBS note. Now I got to show something else because I haven't seen anyone else talk about this. I just very quickly mentioned this to me shows where we are in the economy and what I was saying before about the consumer is not necessarily driving the economy. Now this shows employees working in residential construction. In other words, making houses. This peaked at 1 million back in March of 2006 and it went back up, you know, 900 something thousand and it basically has gone flat to down for the last two years. Now look at people at workers in nonresidential construction building things like data centers. Look at this. This thing is almost as high 944,000. You look at all the history. I don't think there's ever been a time when non-residential workers outnumbered. I'd have to go back and look at the data. I don't think there was a time when non-residential workers outnumbered residential construction workers. This tells us something. We are seeing non we are seeing non-homebuilding construction workers, people doing the engineering and the you know building data centers. This is going straight up at the same time housing is going sideways to down in terms of workers. This was a fascinating thing I found when I looked in the um in the employment report on Friday. I think it tells you everything you need to know about where we are economically and stock market wise at this moment in mid 2006. Um I'll just very quickly mention the Euro zone last week had France had bad services PMI data. Germany had um weak services data. The PMI for the Euro zone was the lowest since 2024. There's a guy at S& P Global named Chris Williamson said a potential contraction is coming for Q2. We have higher input costs. So I just want to say overall that's something to bear in mind with Europe. It also gives us a situation here where US dollar could remain strong but also it creates a situation where the world looks around and they say where am I going to put my capital and suddenly the United States looks stronger and a lot of the sort of like uh sell America trade that we saw you know back here in the beginning of last year that entire thesis is kind of going out the window. Let's just very quickly look at the S& P against the global for example here and you can see here this had this big pullback you know at that period of time with the tariffs and you can see now it has kind of this is a relative ratio of the S& P against the global index and it's interesting to see now that we are making higher lows and um this could also be something just to kind of think about that the global thing we can you know is not performing the domestic is and that also is potentially something that favors large cap more you know tech stocks the Q's the large cap American companies the growth stocks and it's not necessarily good for materials value stocks etc it favors technology and growth interest rates are good in a positive way for the economy and once inflation falls and rates maybe come down the economy weakens a little that's when the focus can go back to weak dollar trades and small caps and things like that so now look at the weekly chart to the S& P here. And I would just say that overall the key thing is that um there's two things on this chart that stand out to me. The first is that this level from back here um right around kind of um 7334 we held above it. Um this is a level where we bounced at. And you really need to look at the daily chart even more than the weekly. What's interesting is we had pulled back to

### Segment 5 (20:00 - 25:00) [20:00]

this level and then you can see like for two weeks we held it before we rebounded. and now we've gotten near it, but we're bouncing. What's also interesting is on the weekly here, you can see this old weekly close from um from the week began May 4th. You can see this today we've gapped above it and stayed above it. So, this overall tells me that this is a pullback that's a big bearish outside week, but not confirmed. That's the key thing I think is that um you know, we haven't gapped back below it. And as long as we hold above um you know, this sort of range, especially the CPI report on Wednesday, things might kind of sit and wait, sit and wait. But after the CPI or something, if it's not a horrible high inflation number, that might be a sign of relief and people want to potentially think about looking for the momentum to continue. The cues are almost identical. Um, and from my view here where it is interesting is again we gap back above that close from early May. And so from my view here, holding this level, a few days of holding could result in continuation to the upside. I don't see much of anything in the Dow. Um, you know, from my view here, it's kind of just had has had this high. Um, and could just kind of drift sideways. And from my view here, it's all about, you know, the kind of uh tech is really where the strength is. And the Dow has healthcare. It had this weird rally in like, you know, United Healthcare and Lily and stuff, but healthcare is not where the focus is now. It created some weird relative strength last week in the Dow. And sometimes you see this, you see this sort of weakness and then the market has a bunch of people buying value and then it's a kind of reset for a period of five to 10 days and then they come back and they go back to the tech names which is what seems to be happening today. the Russell here. This is something that had been interesting and bullish for a while. But to me, it's a little bit more worrisome on the Russell because it's interesting is that the Russell is really not really, you know, holding as much versus where it was over here. I mean, it's slightly above. But what stands out to me about the Russell from this level in that first week of May is that the Russell here, you know, it didn't really break out nearly the same way. And with the potential squeeze in interest rates and other things like that, I think right now we also have to just realize that, you know, this market is showing a return to large cap growth um and to the overall XLK, the technology sector in the S& P 500 and the Russell here um you know, it's not um it's not really part of that. So, um, from my view, this thing where, um, you know, until we have a sense of real downside in rates, the Russell's not necessarily bearish, but it might also be kind of like the Dow. It might simply be in a spot of simply drifting. Now, the 10-year Treasury, I think, is very interesting to see that, you know, it has made higher lows, but last week, like I said, it had a lot of hawkishness. So, the question really is, you know, do we see further fuel on the fire of hawkishness and high rates? And if we don't, you know, this could turn into something here where it just remains in this kind of neutral sideways drift. I mean, you could argue long-term this is, you know, trending higher, but it also is, you know, not super bullish to the upside. I mean, it's not clearly trending higher. It's making higher lows, but it's not really breaking out to new highs. So, you know, this could very well be understood um on a longer term trend as being neutral with the potential of getting sucked back down the range back down toward 4%. So, I think here this important to realize is that while 10ear Treasury yield has moved higher, there has been a few of higher interest rates, it has not been decisive and there are signs of it stalling. I mean, you look at things like the TIPS data we just mentioned of inflation expectations coming down. This is not overall screaming high interest rate. Um and um so I think we just have to kind of you know bear that in mind. And I think also ultimately that there is an expectation that there's going to be a hawkish committee on the Fed. Kevin Walsh will not be able to just cut rates aggressively and the market likes that. I think the market wants to see short-term rates stay where they are. Um the market does not want to see rate cuts the way it saw back in September of 2024 and then yields shot higher because people thought that's inflationary. we want, you know, we want Paul Vulkar, we don't want Arthur Burns. And that was like, we want inflation to get controlled at this point in time. And I think there's a belief overall that there's most of the people on the Fed are now increasingly hawkish. They're not going to just cut rates um for political purposes. And that creates an environment actually where we can get inflation down and we can focus on earnings growth for a while, but that also you're saving that ammunition for later. the dry powder is being saved for later that when the economy does slow and inflation does come down then you can see the rate cuts and then you can see a different kind of rally that we're not there yet but just want to mention that. Now speaking of that different

### Segment 6 (25:00 - 30:00) [25:00]

kind of rally XLB materials this is exactly the kind of stock that or sector that would rally in a rate cutting environment and is not rallying now with the strong economy. So the materials here, we've talked about this lower high and you know continues to be stuck below that level. So from my view here, materials continue to have this risk of getting stuck back down toward 47. That's an overall decent thing for the economy. Although I mean for the overall market, but like I've said, there is a certain kind of directional um correlation between the XLB and the small caps. Another thing that worries me here about the small caps potentially in terms of the price action is if we do see materials get sucked lower that you know kind of takes people away from you know smaller kind of you know non- tech companies and so from my view here this thing that people got to realize is that a lower high has not broken out um you know if rates are kind of you steady and we see weakness in Europe and things like that this may have some downside risk in materials consumers um I'm sorry um communications here, XLC, you know, this is like I said, you know, this has that potential risk of SpaceX and everything else. Um, it's kind of trying to hold this you this level here, but at the same time, this um the low from um from late March remains very much in effect. You this has not broken out and you know, you can look at it in different ways and see some more, you know, significant negativity on this. I think if we look at this chart here, we can see that we do have some of a rounded sort of top um you know, failure to break out to new high. It's a little I'm not going to call it a head and shoulders, but we have a high slightly higher and slightly lower kind of rounded top there. And so from my view, people might, you know, see the risk of this making after this lower high, you know, this a lower low might be something people are thinking about in communications. I think we got to kind of bear that in mind. XLE energy. Now last week we did emphasize you know holding that 56 that potential for upside and it did happen but it's rangebound now at you know with this high you know under 60 kind of 59 and a half. So from my view here is very much rangebound. It's going to be trapped by headlines and geopolitics and things like that. But I see an increasingly negative intermediate term picture for energy especially with Europe struggling and OPEC increased their oil production again even though they're not able to necessarily produce and ship it right now because of the straight hormuz you know there's going to be likely a lot of um you know talk about increase OPAC and all that sort of stuff and I think right now it just creates a lot of overhang for energy going forward and when this geopolitical situation if it does resolve relatively soon. You know, that's something that's out there as a negative, but I do think over time as well, there's going to be this sense of um, you know, I don't know. I'm going to predict geopolitics, but if they ease the sanctions on Iran, that's going to be a negative for energy. We have to remember that one's out there as a risk. That was part of what Obama did with the JCPOA. If we get something like that, that becomes another risk for energy. We Europe week, potential sanctions relief, potential OPEC increase. You put all those things together, there are some kind of bearish for you know patterns forming even though we do face this looming supply crunch. So I think you know just with energy here it doesn't have much of an edge but it's important to realize that it's not all bullish factors at play in the energy sector when you look at it. Um XLF from my view here this is just a very sloppy intermediate drift. Um got to realize it did not make a new high. It really has not made a new high since January. And you know from my view here this something that could simply drift about and um not do much of anything. I think I realized here is at this low at 48 people may look for a retest down toward that level. You know XLI industrials very similar making a lower high um or at least stuck below the old high just drifting here. And we have not seen the weekly close the record weekly close which is the confirmation we often see for uptrend continuation. So from my view here, this is something that remains rangebound without a lot of clarity. You know, technology XLK on the other hand, I mean, everything about this does continue to show overall strength. You can see that high from miday that we held last week. Um, and now we're basically holding actually the weekly close from the week before here, right there. So from my view here, this is now showing you know very strong weaker week weekly um you know trend and simply a period of p pause and consolidation with some potential for the upside to continue just stabilizing here for another day or two. You know it gets to a point in time when people may simply find it difficult to not add to tech. We'll get here on the daily chart as well and you can see a lot of these similar patterns on the daily. Just move this up to here. old support, old resistance, new support, everything like

### Segment 7 (30:00 - 35:00) [30:00]

that. I don't know if I have it on this chart, but I mean, if you look at it, it' be interesting to see like what stochastic would be on this. For example, I think I have stocastic over here. Let me quickly bring it on. But if you look at something like this, I mean, pulled back, but not all that significantly. Um, you know, from my view here, when you look at this, holding this level, um, there's nothing on this chart that really shows a lot of damage technically. So from my view, technology does continue to have that very strong weekly sort of pattern. XLK. Now look at the XLP. Well, I guess goodbye to Campbell, but nonetheless, um, you know, essentially here very much rangebound. And like I said, in a bullish market, this sort of thing one would expect to see struggles in. So from my view here, this is the lower high pretty much till the 50% retracement or that drop and people may still see, you know, potential for push down towards 77 on the XLP here. um you know rangebound you know with potentially some more you know bearish flag forming here with some potential to the downside real estate investment trust XLR just a rangebound you know kind of thing here you know it does I mean I can see how people might think it's starting to get ready to break out and from my view it very well could be if we get to the point of time when rate cuts come back on the table we could start to finally see real estate break out but until we do um you know it very well often also could simply be a high So from my view here, this is something where it's stuck in the range and you know continuing to wait for a breakout above 46. Um we've been saying this for a long time and you know it has remained rangebound and we have not seen that breakout. People may see risk of this working back down the range. I did find it interesting how strong this has been given the hawkish news and I do think this is actually something that might be starting to tell us something about real estate here which could be potentially interesting. Um but at this point there's no confirmation of it and it's not really um something that people probably want to be very interested in. Utilities here very much like we had said last week risk down toward that the bottom of that range from December just bleeding lower and still nothing to really mark an end of that strong economy and things like that. Not exactly the context people want to see for um you know for the um utilities. Um you know uh healthc care here has kind of made this high or low. Um from my view this though you know has not broken out and it has all kinds of of essentially um you know rangebound risk here. Um so from my view this is something that doesn't offer any clear sort of opportunities. There is some potential resistance around this level around 155 kind of 154 and a half um that I think we have to realize some weekly closes and lows from back here in February that we've now bounced back to. This is a safe haven thing. It's kind of like consumer staples, kind of like utilities, and in a market with strong earnings growth and strong economy and everything else, healthcare is not necessarily where people are going to be overly engaged. Now, XLY, consumer discretionary, this is the one, like I mentioned earlier, um the weekly holding this low, which struck me as being very interesting. So, what really stands out to me um in my takeaways for this week is the um you know the very strong weekly pattern in the XL um K which remains in effect in the Q's and now an emerging potential um in the XLY. And what's interesting about this is it has relatively, you know, people looking to be long may find that there's actually a pretty tight risk management here at that old low with the potential for, you know, something that could be more interesting. So, I want to do one last thing. Let's do a Fibonacci retracement coming off this low. Look how we're holding at 50% of that. And I got to say here, this is looking to me like this might actually be an area. I might do a trading view idea on this. But I think as we go into the second half of the year, consumer sentiment has been horribly just horrifically bad. Everyone's so negative about everything. Meanwhile, the economy remains, you know, jobs remain strong. You don't see mass bankruptcies and layoffs or anything like that. we might have also a peak negativity that has now occurred um in the consumer and we might actually see that pendulum swing the other way. And I would say that when fundamentals are totally out of step with price action or price action I should say is out of step with fundamentals when the price action is going against very clear fundamental trends. very often you see that the chart catches up with reality and I think here what we're seeing is we're seeing a non-confirmation of bearishness as fundamentals get more positive and as we have catalyst like the conversation about Tesla you know the retailer um you know strong retail earnings and things like that like we've seen so from my view here XLY in fact let me just end by looking at GM I mean look at this chart this is not a bearish chart I mean look at how it's holding this GM is a consumer discretionary stock. Trades a lot of options. You know, look how it holds these levels here. So, I might do a Trading View idea on this one as well. I'm not sure, but I want to just kind of point these out that the consumer discretionary um is starting to show

### Segment 8 (35:00 - 35:00) [35:00]

some overall strength. So, hope everyone has a great day. We'll be back next week. Don't forget to, you know, check out our blog and see um ideas on Trading View. Um see the link in that. And also, don't forget to um to follow us on YouTube. You can subscribe and turn on notifications to get a ping every time we go live. Hope everyone has a great day and we'll see you next week. Take care.