Good morning,
Look, we all know it’s not the first move after a Fed decision that matters, but the move, after the move, after the third move.
But in all seriousness, that was a rough first move.
Yesterday, the S&P 500 fell about 1.2% in the final two hours of trading after the Fed’s rate hike was announced, while more cyclical areas like small-caps and value dropped more.
The biggest losers were the banks, and we’ll start with a few of the most technically significant breakdowns. But after that, I want to make sure we’re focusing on the big picture.
Not zooming out years or even months. Just focusing on what is and was happening before the Fed hiked interest rates. Because regardless of what the move, after the move, after the move is, trends trend.
Today, we’ll review:
Breakdowns in the banks
52-week lows piling up in consumer discretionary
Utilities weakness
Energy stocks to keep the faith in
3 bright spots in communication services
Hot List updates
and more!
Breakdowns in the banks
Huntington leads to the downside as regionals bear the brunt
Fell more than 6% and now has a date with a very important support zone. The bear case starts to build quickly if this breaks.
Now a failed breakout for US Bancorp
Goldman loses its 200-DMA
We closed below it for two days in March, and it wasn’t fatal, but it needs to be reclaimed quickly.
The charts are important because they represent absolute breakdowns for a highly cyclical group. And this was an uncomfortable theme well before yesterday at 2:00 pm… 👇
52-week lows are piling up in consumer discretionary
Casinos: Wynn Resorts (WYNN)
Most oversold since April 2025 lows, but any bounces back toward $95 are a fade.
