Payne's Perspective: June 1, 2021: Controlling Destiny
6/1/2021
Although the volume was low last week, and unresolved questions seemed only to become murkier, it was a good week for the market, especially the inflation story. The S&P 500 carved out a solid gain, led by growth sectors for the week: Consumer Discretionary and Communication Services, but there were also strong gains in Industrials and Real Estate. Declines in Utilities and Staples underscored greater confidence as investors got back into the action. Market breadth was also encouraging - especially up volume, which dwarfed down volume, illustrating a much greater conviction among buyers than sellers. Technical View Major indices have been range-bound for some time. And at some point, it will propel out and make a strong directional move – I think on the upside. A close above 4,250 on better-than-average volume should do the trick. The advance-decline line suggests that a breakout could be imminent. Key Sector Breakout Points:
Other Equity Index Breakouts:
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Charles Payne
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