Key points discussed in this week’s Roadmap:
- A review of key support levels for the S&P 500 with a brief discussion encouraging investors to view pullbacks as part of the normal ebb and flow of a bull market.
- A review of the Nasdaq 100 and SOX Semiconductor indices with a focus on the divergence between their price profiles and the notably weaker relative performance trend versus the S&P 500. Given the importance of relative performance levels to so many institutional investors, we reiterate the importance of the March lows as a level to manage tactical exposure.
- Energy sector update – The long-term price and relative performance trend of the S&P 500 Energy sector remains challenging technically. However, for investors with flexibility to be more tactical, a rebound is underway following -20% correction in March into April back to support. We review next key levels for the S&P 500 Oil Service index.
Connor Ryan
connor.ryan@rbc.com
905-895-4102