$RSP -1.41%, $QQQE -1%, and $IWM -1.46% all relinquished their gains from the previous session, closing at the lowest level of last 5 sessions. Without the modest gain in $MGK +0.13% that propped up $XLK +0.11%, the losses would have been more significant by the end of the trading session. Likewise, short-term market breadth returned to a deteriorating state after a one-day spike up.
The banking groups $KRE -1.49% and $KBE -1.53% further confirmed their weakened position by rejecting the declining 10-MA.
Thanks for reading.
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17/5/2023 Market Diary
1. $RSP -1.41%, $QQQE -1%, and $IWM -1.46% all relinquished their gains from the previous session, closing at the lowest level of last 5 sessions.
2. Without the modest gain in $MGK +0.13% that propped up $XLK +0.11%, the losses would have been more… pic.twitter.com/xw5h7cdx6v
— Jeff Sun, CFTe (@jeffsuntrading) May 17, 2023
