General Market Update
The stock market uptrend continued to gain traction Tuesday as major stock indexes notched their third-straight bullish session.
The Nasdaq composite rose above the 11,000 level with ease, ending with a gain of 2.2%. Nasdaq volume rose, completing a second follow-through day for the index. Advancing stocks outnumbered decliners on the Nasdaq by nearly 4-to-1.
The strongest outperformance came from small cap and midcap stocks. The iShares Russell 2000 ETF ( IWM ) ramped higher by 2.7%, helped by strong earnings reports and huge gains for Medpace ( MEDP ) and Calix (CALX). The small-cap ETF briefly crossed above its 50-day moving average but ended just below the line.
The SPDR S&P MidCap 400 ETF ( MDY ) jumped 2.5% and closed just above its 50-day line.
The S&P 500 marched ahead 1.6%, bringing its three-session gain to 5.2%. Preliminary data showed volume very close to Monday's level. The S&P 500 is getting closer to a rendezvous with its 50-day line, a potential resistance level to watch. If the index pauses and consolidates below this level for a short time, it wouldn't be such a bad thing. Price action like this could pave the way for a convincing retaking of the line.
NYSE advancers beat decliners by just over 5-to-1.
The number of technical breakouts and bullish setups has been rising, helped by a market tide that is flowing positive once again. Increasing market exposure is fine, but pay attention to the ticker tape's feedback when it comes to new buys. Are they making progress past proper entries? If so, that should make you feel good about increasing exposure.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/watchlists/7...
The stock market uptrend continued to gain traction Tuesday as major stock indexes notched their third-straight bullish session.
The Nasdaq composite rose above the 11,000 level with ease, ending with a gain of 2.2%. Nasdaq volume rose, completing a second follow-through day for the index. Advancing stocks outnumbered decliners on the Nasdaq by nearly 4-to-1.
The strongest outperformance came from small cap and midcap stocks. The iShares Russell 2000 ETF ( IWM ) ramped higher by 2.7%, helped by strong earnings reports and huge gains for Medpace ( MEDP ) and Calix (CALX). The small-cap ETF briefly crossed above its 50-day moving average but ended just below the line.
The SPDR S&P MidCap 400 ETF ( MDY ) jumped 2.5% and closed just above its 50-day line.
The S&P 500 marched ahead 1.6%, bringing its three-session gain to 5.2%. Preliminary data showed volume very close to Monday's level. The S&P 500 is getting closer to a rendezvous with its 50-day line, a potential resistance level to watch. If the index pauses and consolidates below this level for a short time, it wouldn't be such a bad thing. Price action like this could pave the way for a convincing retaking of the line.
NYSE advancers beat decliners by just over 5-to-1.
The number of technical breakouts and bullish setups has been rising, helped by a market tide that is flowing positive once again. Increasing market exposure is fine, but pay attention to the ticker tape's feedback when it comes to new buys. Are they making progress past proper entries? If so, that should make you feel good about increasing exposure.
Updated Watchlist
All stocks on our watchlists meet the hard selection criteria according to Mark Minervini's Trend-Template and William o' Neil's CAN SLIM methodology.
Here is the link to the updated watchlist:
www.tradingview.com/watchlists/7...
Combing the BEST of two WORLD's: Cathie Wood & Mark Minervini