Yesterday the markets, despite spending the middle of the trading session in the red, closed green and near their highs.
This marks the seventh day in a row that buyers pushed back against intraday selling. But not every sector participated in the gains.
The energy sector slipped again, falling 3.7%, closing deeper in the bear market.
On a related note, Warren Buffett’s Berkshire Hathaway (BRK) boosted its stake in Occidental Petroleum (OXY). An SEC filing details the fund’s $500 million purchase of about 9.5 million shares.
Shares of OXY moved higher on the news. And were the lone bright spot for the energy sector.
Image from Finviz
7 of 11 sectors closed in the green. Utilities and Healthcare were at the top, gaining more than 2% each.
SPY Daily Candles – Chart via thinkorswim
The put-to-call ratio closed in neutral territory and RSI levels maintained their neutral stance.
The last indicator we track is the VIX, which has maintained a relatively high level, giving the bears an advantage.
A breakout to the high side could put the ball squarely in the bull’s court.
Less than one week left in Q2.
Looking ahead, July is typically the best month of Q3. A strong July can lead to the big Q4 rally we’ve been eyeing all year.
*CMRA has support at $4
*PEV has support at $6
*FNKO has support at $22
^CBIO has support at $1.50
PBTS has support at $1, resistance at $1.50
COGT has support at $9, resistance at $10
ALT has support at $10
KDNY has support at $18
OPTN has support between $3.25, resistance at $3.80
CYTK has support at $45
XXII has resistance at $2.60
LI is on watch
SGEN has support at $160, resistance at $175