What technical analysts are watching after last week’s big market rally - MarketWatch: "“The obvious theme since the September low has been mean reversion,” says Jonathan Krinsky, chief market technician at MKM Partners, in a note Sunday. He says the best-performing industry groups since Sept. 28 have included energy, materials and automotive-related companies. “In other words, the laggards have led the rally,” he writes.
Krinsky suggests that sitting on the sidelines is the better option for investors, rather than buying after the recent advance. “With some extreme overbought readings and the SPX once again coming into overhead resistance in the 2040-2060 range, we think patience will be rewarded over chasing strength,” he says."
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