$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. PS: If you enjoy the above curated article, you may follow me on twitter (@jeffsuntrading) to get daily market diary, trading ideas and intermittent reflection on life as a trader.
...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
