All stock indices fell today, fearing renewed lockdowns and economic slowdown from the surge of Covid cases among the un-vaccinated. Energy was doubly hit with OPEC+ announcing to increase oil production. The drop was too far too fast, suggesting panic selling. Indeed, at Monday’s close, only 17% on NYSE stocks advanced vs. 80% declined. The number of new highs was 2 vs. 91 for new lows.
The S&P Large Cap, and the NASDAQ Composite remain strategically Bullish; Mid and Small Caps, and Emerging Markets are on Bear alert; China is in Bear market.
Equity Styles: Large Cap Growth continues leading vs. Large Cap Value, Small, Mid Cap and equal weight indices.
Sectors: Leaders - Real Estate, Technology, Communication Services, Health Care.