Wall Street Strategies
Hello! Sign in or Register

Payne's Perspective: June 1, 2021: Controlling Destiny

By Charles Payne CEO & Principal Analyst

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:

  • Technology (XLK): 143
  • Consumer Discretionary (XLY): 180
  • Communication Services (XLC): 80

Other Equity Index Breakouts:

  • NASDAQ Composite: 14,212
  • Russell 2000: 2.360

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies


Add a Comment!

Submitted comments are subject to moderation before posting.

Home | Products & Services | Education | In The Media | Help | About Us |
Disclaimer | Privacy Policy | Terms of Use |
All Rights Reserved.