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US equity indices all broke multi-week winning streaks this week. However, given the fact that we came into the week at extreme overbought levels, the House began public impeachment inquiry hearings, and the possibility of a phase one trade deal with China was thrown in to doubt, we could just as easily argue that market should have been down a lot more. Consider the fact that even Kenneth Starr, the special prosecutor in the Whitewater investigation of President Clinton said that Ambassador Sondland’s testimony had “the potential to be a game-changer.”
In reaction to the ‘bombshell’ testimony, the S&P 500 was down 0.38%. Quick, somebody call the Fed! After this week’s modest declines, not a whole lot has changed in the market’s technical picture. The S&P 500 remains well above its breakout levels from October, and while it may no longer be at ‘extreme’ overbought levels, it remains overbought as it has for a month now.
In this week’s Bespoke Report, we provide our take on everything going on in the market this week, including the action in international markets and small caps, an important development in the semiconductor space, economic data, earnings, and a lot more. To read the report and access everything else Bespoke’s research platform has to offer, start a two-week free trial to one of our three membership levels. You won’t be disappointed!