Top picks from Javed Mirza, technical analyst, Canaccord Genuity
A new short-term rally phase is attempting to take hold in equity markets, after most North American equity indices triggered new daily “mechanical buy” signals last week.
The short-term rally phase supports a test of important resistance near 4,535 on the S&P 500. A multi-week breakout above this level would support a retest of major resistance at the all-time highs around 4,766. However, our technical work suggests tightening stops as three technical indicators strongly suggest an intermediate-term corrective phase is looming.
In our view, this pending corrective phase is likely to see a short-term shift towards defensive plays, and a rotation towards the laggards in the equity market rally extension since late May. Gold and gold equities are showing signs of technical improvement consistent with this new short-term rally phase. The technical positives that support this are: strengthening price momentum, improving price trends, and buying pressure. Defensive sectors, namely utilities and consumer staples in the U.S. are showing signs of improving technical performance that supports a two-to-four-week counter-trend bounce.
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