A week can make a big difference.  Last Wednesday we saw a big selling rout with the DOW falling more than a 1,000 points. 

Stock futures are indicating a lower opening this morning. 

Gene discusses yesterday's pull back on the stock market. 

Near term investors or near term traders trying to pinpoint where a pullback might occur could prove to be a difficult or fruitless task.

The stock market may be overdue for a sizeable retreat. Through much of this year the stock market has defied Wall Street adages, seasonal and cyclical trends. 

2024 has been a year of first time evers on Wall Street, first time ever that the NASDAQ crossed above 20,000, first time ever that the Dow Jones Industrial Average hit the 45,000 level, and the first time ever that the S & P 500 has crossed significantly above the 6,000 level.

The Trump Bump continues on Wall Street with the major market indexes driving further into uncharted territory. 

The Magnificent Seven theme is making a technical comeback on Wall Street but not at the expense of other sectors and themes. A number of the growth stocks representing technology, industrial and consumer discretionary are also posting very nice relative strength trends as well. 

Gene has some updated parameters for the major indexes that continue to present an attractive risk/reward ratio. 

Technology is coming back after consolidating over the last several weeks and more.  The FANG stocks and magnificent 7 are showing improving technical form.