This Week Could Actually Be A Key Inflection Point For The Stock Market

Two groups are testing levels that should be key for the stock market's next move.

• We had a bit of a rough day yesterday in the stock market, but the “internals” were not all that bad. So, we’re going to have to see more downside follow-through soon in order to raise any warning flags.

• The industrial stocks have acted very well over the past four months, but they’ve dipped recently. They’re now testing a key support level. So, whether they bounce off this level…or fall below it…should be important for the group going forward.

• Despite some good news recently out of the two biggest chip stocks (Nvidia & Taiwan Semiconductor), the stocks have been struggling. Whether they continue to struggle…or can bounce back soon…should be quite important for the entire stock market as we move through the rest of 2024 and into 2025.