NASDAQ DAILY CHARTKEY LEVEL TO BREAK IS AROUN 14100, AND AFTER THAT COULD SEE RETURN OF SMALL CAPS I believe around 2 weeks max until we break 14100 levels and if history repeats its self we can get a very good run by mako331
NQ reach its highest levelRSI shows over bought MACD show negative divergence Fib shows golden point at 13425 this is the target we aim.... big money we gonna achieve Shortby byblosbay641
Daily Market Update for 4/15Summary: Positive economic data gave a kick in the right direction to equity markets, allowing the S&P 500 and Dow Jones Industrial average to close again at all-time highs. The day was owned by the bulls with just a few pullbacks, but still the gains were not felt by everyone, with more stocks declining than advancing. Notes The private indicator I use to draw the large candles on the Daily Market Update chart is not working today (you can also see the issue looking at previous daily updates). Until its fixed, I'll include just the daily summary data at the top of the chart and include an additional daily candlestick chart in the report below. Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, April 15, 2021 Facts: +1.31%, Volume higher, Closing range: 87%, Body: 71% Good: Higher high, higher low, close above 14,000 Bad: Nothing Highs/Lows: Higher high, higher low Candle: Mostly body with about equal upper and lower wicks Advance/Decline: More declining stocks than advancing stocks Indexes: SPX (+1.11%), DJI (+0.90%), RUT (+0.42%), VIX (-2.47%) Sectors: Real Estate (XLRE +1.90%) and Technology (XLK +1.72%) were top. Financial (XLF -0.09%) and Energy (XLE -0.81%) were bottom. Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Positive economic data gave a kick in the right direction to equity markets, allowing the S&P 500 and Dow Jones Industrial average to close again at all-time highs. The day was owned by the bulls with just a few pullbacks, but still the gains were not felt by everyone, with more stocks declining than advancing. The Nasdaq closed the day with a +1.31% gain on higher volume. The candle, made up of mostly a green body, has a closing range of 87% about even upper and lower wicks. A higher high and higher low provides direction to the previous days outside range. The S&P 500 (SPX) gained 1.31% while the Dow Jones Industrial average (DJI) gained +1.11%. The Russell 2000 (RUT) also had gains for the day, advancing 0.42%. The VIX volatility index declined -2.47%. Real Estate (XLRE +1.90%) and Technology (XLK +1.72%) were top. Financial (XLF -0.09%) and Energy (XLE -0.81%) were the only losing sectors for the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) rose +0.04%. The US 30y treasury bond yield, and US 10y and 2y note yields all declined for the day. Prices on both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) advanced for the day. The High Yield bond prices made a move upward after basing for a few weeks. Silver (SILVER) both Gold (GOLD) advanced . Crude Oil (CRUDEOIL1!) declined slightly. Timber (WOOD) advanced. Copper (COPPER1!) and Aluminum (ALI1!) both advanced. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.571. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is in the neutral area, moving just a bit to the greed side. The NAAIM money manager exposure index rose to 96.57. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders The four big mega-caps all gained for the day after pulling back yesterday. Microsoft (MSFT) and Alphabet (GOOGL) closed at new all-time highs. Apple (AAPL) and Amazon (AMZN) are continuing breakouts but have a ways to go to new all-time highs. Nvidia (NVDA), UnitedHealth (UNH), PayPal (PYPL) and Adobe (ADBE) topped the mega-cap list with gains of +2.5% and higher. At the bottom of the list were Bank of America (BAC), Taiwan Semiconductor (TSM), Walt Disney (DIS) and Exxon Mobil (XOM). Growth stocks were mixed with Okta (OKTA), CloudFlare (NET), ROKU (ROKU) and MongoDB (MDB) topping the list with over 3% gains. At the bottom of the list are Digital Turbine (APPS), UP Fintech (TIGER), Enphase (ENPH) and Solar Edge (SEDG). DELL Technologies (DELL) rose +6.71% on news that they will spin-off VMWare (VMW). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Building Permits and Housing Starts data will be released on Friday morning. We will also get an update on Consumer Expectations and Consumer Sentiment. Friday's earnings reports include Honeywell (HON) and Morgan Stanley (MS). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index was able to rise above the 14,000 line, staying above the line even after a couple afternoon tests of the line. The five-day trend and one-day trend lines point to a +0.24% gain. The trend line from the 3/5 low points to a -1.13% decline for Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Positive economic news in the morning was enough to lift the indexes, but not enough to see gains shared broadly across the market. The gain on higher volume is a positive, but it would be good to see the Advance/Decline number be above 1.0. As the index inches toward a new all-time high, we can expect a bit more rotation as investors take profits and chase gains in other stocks. Trying to find those opportunities, rotating your own investments, can be tricky. So as always, its best to stick to the rules that work for you and your trading style, sticking with the stocks that are working for you. That message is for me too. I've been burned by breaking rules too many times already in 2021. Stay healthy and trade safe! by drewby43218
Daily Market Update for 4/14Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, April 14, 2021 Facts: -0.99%, Volume lower, Closing range: 10%, Body: 75% Good: Higher high, pullback is on lower volume Bad: Selling almost entire day, couldn't hold above 14,000 Highs/Lows: Higher high, lower low Candle: Outside day, candle is mostly body with a longer upper wick from a rally at open Advance/Decline: Slightly more declining stocks than advancing stocks Indexes: SPX (-0.41%), DJI (+0.16%), RUT (+0.84%), VIX (+2.04%) Sectors: Energy (+2.78%) and Materials (+0.72%) were top. Communications (-1.03%) and Technology (XLK -1.06%) were bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The cyclicals moved back to the top of the sector list as investors were motivated by positive import/export data and crude oil inventories. The data provided a good reason for investors to rotate back into the cyclical sectors after chasing gains in big tech over the past few weeks. The Nasdaq pulled back from recent gains, closing the day with a -0.99% decline on lower volume. The 75% red body represents a day for the bears that ended in a 10% closing range. The index set a higher high in the morning but ended the day with a lower low, providing an outside bearish candle. There were more declining stocks than advancing stocks. The S&P 500 (SPX) declined -0.41% for the day after setting a new all-time high. The Dow Jones Industrial average (DJI) also set a new all-time high and closed the day with a +0.16% gain, but the close was well below the intraday high. The Russell 2000 (RUT) preformed the best for the day with a +0.84% gain, but also closed below intraday highs. The VIX volatility index gained +2.04%. Cyclical stocks were at the top o fthe sector list. Energy (+2.78%) and Materials (+0.72%) were the best performing. Energy was driven to the top by higher than expected demand for crude oil. Financials (+0.60%) also performed well, helped by earnings beats by big finance companies announced before market open. The big growth sectors of Communications (-1.03%) and Technology (XLK -1.06%) that drove recent gains, were at the bottom of today's sector list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.21%. The US 30y treasury bond yield, and US 10y and 2y note yields all gained for the day. Prices on both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) declined for the day. Silver (SILVER) advanced while Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) had a huge advance after data showed a surprisingly level of demand. Timber (WOOD) advanced slightly. Copper (COPPER1!) and Aluminum (ALI1!) both advanced. The outlook for economic activity, showing by the positive import/export data, is driving these prices higher along with the cyclical sectors. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.566. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is in the neutral area, moving just a bit to the fear side. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four big mega-caps declined for the day. I've been mentioning how extended they've gotten over the past two weeks, so a pullback is not a surprise, nor is it bad thing. Apple (AAPL) declined -1.79% but finally had its 21d EMA cross above the 50d MA, further confirming an uptrend for the stock. Microsoft (MSFT) declined -1.12%. Amazon (AMZN) declined -1.97%. Alphabet (GOOGL) declined -0.56%. Alphabet was already developing a based and may be the first to make the next breakout higher. Exxon Mobil (XOM) and Chevron (CVX) topped the mega-cap list, driving the Energy sector performance for the day. PetroChina (PTR) and Bank of America (BAC) were also near the top. At the bottom of the list were Tesla (TSLA), PayPal (PYPL), Nvidia (NVDA) and Neftlix (NFLX). The majority of the growth stock list had declines for the day. The biggest gainers in our list were UP Fintech (TIGR), Moderna (MRNA), FUTU Holdings (FUTU) and Fastly (FSLY). GrowGeneration (GRWG), Palantir (PLTR), Square (SQ) and Digital Turbine (APPS) were the biggest losers with more than 5% declines. Investor's attention was on the Coinbase (COIN) debut today with a 40% swing in prices from lows to highs and a close that was 23% below the intraday high. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Thursday has several economic data releases. Initial Jobless Claims data before the market opens will hopefully recover a bit from last week's negative surprise. Retail Sales data for March should show an improvement over the February numbers that were brought down by weather events. The Manufacturing Index data and Industrial Production data will also be leading indicators on the recovery of economic activity. The Financial sector earnings reports will include Bank of America (BAC), Citigroup (C), Charles Schwab (SCHW) and BlackRock (BLK). Taiwan Semiconductor (TSM), UnitedHealth (UNH), Delta Airlines (DAL) will also be closely watched earnings reports for the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index popped above the 14,000 line briefly today before selling off the rest of the day. That type of round-number resistance is not unexpected as investors tend to place conditional rules at round numbers. The five-day trend line points to a +1.30% gain for Thursday, back above 14,000. The trend line from the 3/5 low points to a -0.33% as the index regresses back to the center line. The one-day trend line points to a -1.25% loss tomorrow which would leave the index around the 13,700 support area. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up In the previous few updates, we recognized that the big tech and mega-cap names that were driving gains were also getting quite extended. As rotations go, investors took profits and moved them into the next opportunity for some gains which is the cyclicals and recovery stocks. There is still some room for the mega-caps to pause and let moving average lines catch up with the recent gains. The expectation is for sideways or lower for tomorrow, but gains across a much broader set of stocks in the Nasdaq would be very welcome and healthy for the current bull market. Stay healthy and trade safe! by drewby4321227
Daily Market Update for 4/13Trend lines drawn from the 3/5 low (25d), 4/5 (5d) and today 4/9 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, April 13, 2021 Facts: +1.05%, Volume lower, Closing range: 86%, Body: 89% (w/gap) Good: Higher high, higher low, large green body and high closing range Bad: Small dip at end of day Highs/Lows: Higher high, higher low Candle: Large green body under a small upper wick, no lower wick Advance/Decline: Three declining stocks for every two advancing stocks Indexes: SPX (+0.33%), DJI (-0.20%), RUT (-0.22%), VIX (-1.54%) Sectors: Utilities (+1.19%) and Consumer Discretionary (+1.06%) were top. Consumer Staples (-0.53%) and Finance (-0.33%) were bottom. Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Bigger than expected inflation didn't hold back the markets from setting new records today. The S&P 500 set another new record close while the Nasdaq inches toward key support levels. The gains were driven mostly by large mega-caps and not shared broadly across the indexes. The Nasdaq advanced +1.05% for the day and closed just below the 14,000 resistance line. The candle has no lower wick as the intraday low was set at the opening bell. The thick green 86% body led the index to a 89% closing range (including the gap) with the intraday high being set late in the afternoon. The advance was driven by larger cap stocks, as there were more declining stocks than advancing stocks. The S&P 500 (SPX) gained +0.33%, closing just below a new all-time high set intraday. The Dow Jones Industrial average (DJI) declined -0.20%, weighed down by cyclical sectors. The Russell 2000 (RUT) continues to underperform the other indexes with a -0.22% decline today. The VIX volatility index declined -1.54%. Utilities (XLU +1.19%) was the top sector, signaling caution among investors despite the gains in the Nasdaq and S&P 500. Consumer Discretionary (XLY +1.06%) and Technology (XLK +0.94%) were the second and third best sectors. Consumer Staples (XLP -0.53%) and Finance (XLF -0.33%) were bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.28%. The US 30y treasury bond yield declined after a strong auction of the bond today. US 10y and 2y note yields also declined for the day. Prices on both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) advanced for the day. Silver (SILVER) and Gold (GOLD) both advanced. Crude Oil (CRUDEOIL1!) advanced. Timber (WOOD) remained flat near its highs. Copper (COPPER1!) and Aluminum (ALI1!) both advanced. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.521. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is in the neutral area. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four big mega-caps gained for the day. Apple (AAPL) had a +2.43% and nearly got the 21d EMA line above the 50d MA. Microsoft (MSFT) continues setting new all-time highs with a +1.01% advance. Amazon (AMZN) held onto a +0.61% gain after advancing more than 1.5% intraday. Alphabet (GOOGL) closed the day with a +0.56% advance. Tesla (TSLA) was the big mega-cap winner of the day with a big +8.60% gain. Nvidia (NVDA) and PayPal (PYPL) join Apple to fill out the top four. At the bottom of the list are consumer staples Procter & Gamble (PG) and Johnson & Johnson (JNJ) along with big finance JP Morgan (JPM) and Bank of America (BAC). Nike was the worst performing mega-cap with over a 2% decline. The growth stock list had a decent day with CloudFlare (NET) topping the list, closing the day with a 11.30% gain. Palantir (PLTR), SUMO Logic (SUMO) and Moderna (MRNA) had gains of over 7%. FUTU Holdings (FUTU) and UP Fintech (TIGR) were at the bottom of the list with over 2% declines. Zoom Video (ZM) also had a big gain for the day perhaps on fears of the vaccine concerns (now including Johnson & Johnson) slowing down the return to work. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Economic news for Wednesday includes Export/Import Price index data before markets open. Crude Oil Inventory data will be released after the market opens. JP Morgan (JPM), Wells Fargo (WFC), Goldman Sachs (GS) will get earnings season going for big finance with reports on Wednesday. In addition, retail stocks Bed, Bath and Beyond (BBBY) and Lovesac (LOVE) will release earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index is just under the 14,000 support/resistance area. A breakthrough of that line will be a confidence booster on the way to new all-time highs for the Nasdaq. With big tech stocks extended above bases, we may need one more pull back before this breakthrough. The one-day trend line points to a +0.39% gain for Wednesday. The five-day trend line points to a sideways move. The trend line from the 3/5 low points to a -1.73% loss. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It may seem that inflation data was ignored in the equities markets, with the Nasdaq having a gain and the S&P 500 hitting a record high. However, the gains in the market were driven by large mega-caps and not broadly shared across the indexes. After the inflation data was released the US dollar weakened further. The weakening of the US dollar will positively impact valuations of large multinational companies. Exports become cheaper, boosting revenues in foreign subsidiaries. When those revenues are repatriated for reporting, they are also worth more translated back into the USD. On the other hand, domestic companies are more likely to be impacted by inflation and the weakening dollar as imports become more expensive. Not all the expense can be passed onto the consumer, so margins will be reduced while the companies balance higher prices with the impact to demand. The high inflation is expected to be transitionary and should come back down later in the year after lagging supply catches up with the accelerated demand caused by consumers getting back out shopping, spending savings, stimulus checks and credit. The high demand is seen in the huge surprise export data from China. Stay healthy and trade safe! by drewby43218
Nasdaq is going to a new ATHInverse HS on the picture. Target price is 14.646 if we count with IHS formation. Small gap ups with little red candles. We are in wave 3 for sure. If we count with EW Fibo levels then the target is between 1.618 - 2.0 levels, so 14.376 - 14.844. Green box on the picture. Longby bull82000
Daily Market Update for 4/12Trend lines drawn from the 3/5 low (25d), 4/5 (5d) and today 4/9 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, April 12, 2021 Facts: -0.36%, Volume higher, Closing range: 71%, Body: -5% Good: Higher low than previous day, high closing range Bad: Distribution day, lower high, loss on higher volume Highs/Lows: Lower high, higher low Candle: Inside day, thin red body in upper half of candle Advance/Decline: Almost three declining for every advancing stock Indexes: SPX (-0.02%), DJI (-0.16%), RUT (-0.16%), VIX (+1.32%) Sectors: Consumer Discretionary (XLY +0.64%) and Real Estate (XLRE +0.59%) were top. Technology (XLK -0.48%) and Energy (XLE -0.79%) were bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview After several days of big gains, its ok for the markets to take a pause. Morning selling turned into buying as treasury auctions showed little trouble and yields remained under control. But the confidence wasn't enough to hold the indexes near intraday highs as investors turned their attention to inflation data becoming available Tuesday morning. The Nasdaq closed the session with a -0.36% decline on higher volume, marking a distribution day for the index. The thin red body of 5% represents indecision between the good news on treasury auctions, but the potential for bad news in inflation data. The positive is that the body is in the upper half of the candle with a high closing range of 71%, showing a slightly more bullishness in the market. There were 3 declining stocks for every advancing stock. The S&P 500 (SPX) declined -0.02%. The Dow Jones Industrial average (DJI) declined -0.16%. The Russell 2000 (RUT) continues to underperform the other indexes with a -0.43% decline today. The VIX volatility index advanced +1.32%. Consumer Discretionary (XLY +0.64%) and Real Estate (XLRE +0.59%) were top performing sectors for the day. Technology (XLK -0.48%) and Energy (XLE -0.79%) were bottom. Energy opened the day at the top of the sector list, but quickly moved to the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.11%. The US 30y treasury bond yield remained flat while the and 10y treasury note yield advanced. The shorter term 2y note yield advanced, helping bring down the spread between short term and long term. Prices on both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) declined for the day. Silver (SILVER) and Gold (GOLD) both declined. Crude Oil (CRUDEOIL1!) advanced. Timber (WOOD) declined slightly. Copper (COPPER1!) declined while and Aluminum (ALI1!) advanced. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.596. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index moved back to the neutral area. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Of the big four mega-caps, Microsoft (MSFT) and Amazon (AMZN) were able to hold onto gains for the day despite closing below intraday highs. Apple (AAPL) and Alphabet (GOOGL) both declined. All four are trading above key moving average lines. Apple is getting close to getting the 21d EMA to cross above the 50d MA. The accelerated gains for the big four this past week results in their prices getting extended and some pullback or pause may be in order. That may mean another day or two of pause in the indexes as well. Alibaba (BABA) topped the mega-cap list despite being fined a record amount by the Chinese government over the weekend. The company stated the fine will have little impact to the company and investors must be relieved that the outcome wasn't worse. Nvidia (NVDA), Tesla (TSLA) and Pfizer (PFE) fill out the remaining top four mega-caps for the day. In addition to Apple and Alphabet, the big mega-cap losers for the day included Taiwan Semiconductor (TSM) and Intel (INTC). The mega-caps topped the growth stock list as well. Just below them in the list were Snowflake (SNOW), MongoDb (MDB), Okta (OKTA) and DataDog (DDOG). At the bottom of the growth list were FUTU Holdings (FUTU), DraftKings (DKNG), UP Fintech (TIGR) and Ehang Holdings (EH). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead All eyes will be on the Consumer Price Index data for March being released before market open on Tuesday. The data compliments the produce price index data released this past week. The produce price index data is leading indicator to consumer price index data, both providing an outlook on inflation. Investors are fearful of inflation bringing an end to lower interest rates. Earnings reports will start to pick up this week, but there are no notable earnings for the daily update on Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index is inching toward the 14,000 support/resistance area. A breakthrough of that line will be a confidence booster on the way to new all-time highs for the Nasdaq. The five-day trend line points to a +0.37% gain for Tuesday. The one-day trend line points to a +0.06% gain. The trend line from the 3/5 low points to a -1.09% loss. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was an indecisive day as investors await inflation data and key earnings reports from big finance this week. For inflation, it seems investors are fearing the worst. That could be a good thing if the data is not quite as frightful as feared. Last week, the Nasdaq climbed +3.12% while the S&P 500 and Dow Jones Industrial average set new all-time highs. So it should not come as a huge surprise that the market takes a breather, especially as more economic data is on its way. In fact, we may see a little more pullback or sideways action before the Nasdaq marches toward new all-time highs for itself. Stay healthy and trade safe! by drewby43218
Market Week in Review - 4/5/2021 - 4/9/2021The Market Week in Review is my weekend homework where I look over what happened in the previous week and what might come in the next week. It helps me evaluate my observations, recognize new data points, and create a plan for possible scenarios in the future. I do occasionally have some errors or typos and will correct them in my blog or in the comments on TradingView. I do not have an editor and do this in my free time. If you find this helpful, please let me know in the comments. I am also more than happy to add new perspectives and data points if you have ideas. The structure is the following: A recap of the daily updates that I do here on TradingView. The Meaning of Life, a view on the past week What's coming in the next week The Bullish View, The Bearish View Key index levels to watch out for Wrap-up If you have been following my daily updates, you can skip down to the “The Meaning of Life”. If not, then this first part is a great play-by-play recap for the week. Click the daily charts for more detail on sectors, indexes and market leaders each day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, April 5, 2021 Facts: +1.67%, Volume lower, Closing range: 94% (w/Gap), Body: +80% Good: Three positive days in a row, above 13,700 confirmed with a quick retest Bad: Lowering volume Highs/Lows: Higher high, higher low Candle: Gap up, mostly green body with a slightly longer upper wick Advance/Decline: About the same number of advancing as declining stocks. Indexes: SPX (+1.44%), DJI (+1.13%), RUT (+0.49%), VIX (+3.35%) Sectors: Consumer Discretionary (XLY +2.27%) and Communications (XLC +2.11%) were top. Energy (XLE -2.39%) was the only declining sector. Expectation: Higher The markets set new records on Monday led by gains from the largest public companies in Consumer Discretionary, Communications and Technology. The S&P 500 and Dow Jones Industrial marked new all-time highs with a bullish session that began the day with opening gap ups. The Nasdaq closed the day with a +1.67% gain on lower volume. The closing range of 94% includes the morning gap-up that led to an 80% green body. A minor fade in the afternoon created a slightly longer upper wick than the lower wick but the higher high and higher low continue a strong uptrend from last week's pivot. There were about the same number of gaining stocks as declining stocks. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, April 6, 2021 Facts: -0.05%, Volume lower, Closing range: 24%, Body: +16% Good: Higher high, higher low, held support around 13,700 Bad: Long upper shadow from afternoon selling Highs/Lows: Higher high, higher low Candle: Long upper shadow above a thin green body Advance/Decline: About three declining for every two advancing stocks. Indexes: SPX (-0.10%), DJI (-0.29%), RUT (-0.25%), VIX (+1.17%) Sectors: Utilities (XLU +0.53%) and Consumer Discretionary (XLY +0.43%) were top. Health Services (XLV -0.38%) and Technology (XLK -0.43%) Expectation: Sideways or Higher There was caution in the market on Tuesday after several days of record setting gains. Investors are monitoring the progress of infrastructure plans and the potential for new taxes. At the same time, the pandemic keeps popping up new fears as Canada declares a very serious third wave. The Nasdaq closed with a small -0.05% loss, after climbing 0.5% in the morning. The closing range of 24% is above a thin 16% body signaling indecision. The long upper wick was formed from a morning rally that sold off in the afternoon. Still, the index seemed to have support around the 13,700 area, testing the area twice and settling just below the line at the close. There were 3 declining stocks for every 2 advancing stocks. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, April 7, 2021 Facts: -0.07%, Volume lower, Closing range: 44%, Body: +17% Good: Stayed near 13,700 support, lower volume, not a distribution day Bad: Indecisive candle, no signal on direction Highs/Lows: Lower high, lower low Candle: Long upper shadow above a thin green body Advance/Decline: About three declining for every two advancing stocks. Indexes: SPX (+0.15%), DJI (+0.05%), RUT (-1.60%), VIX (-5.30%) Sectors: Communications (XLC +0.77%) and Technology (XLK +0.53%) were top. Industrials (XLI -0.46%) and Materials (XLB -1.72%) were bottom. Expectation: Sideways It was a choppy side-ways session today for most of the market. The small caps suffered compared to the larger caps while mid-cap growth stocks had mixed results. Overall, investor sentiment remained cautious without many big reactions to economic news. The Nasdaq closed with a -0.07% decline, another indecisive day without a clear signal on direction. The 17% body is in the lower half of the candle as the index attempted to find a rally twice but reversed quickly back to the 13,700 area. The closing range of 44% is better than the previous day, but the lower higher and lower low show the bears put up a good fight. There were nearly four declining stocks for every advancing stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, April 8, 2021 Facts: +1.03%, Volume higher, Closing range: 99%, Body: +45% Good: Gains all-day with few pullbacks, high closing range, higher volume Bad: Nothing Highs/Lows: Higher high, higher low Candle: Longer lower wick under a green body, no upper wick Advance/Decline: Three advancing for every two declining stocks Indexes: SPX (+0.42%), DJI (+0.17%), RUT (+0.88%), VIX (-1.22%) Sectors: Technology (XLK +1.44%) and Consumer Discretionary (XLY +0.47%) were top. Real Estate (XLRE -0.49%) and Energy (XLE -1.30%) were bottom. Expectation: Higher Investors shook off early nervousness over higher jobless claims and bulls led the markets rally throughout the day. Treasury yields, the US Dollar and commodity prices all supported Technology as the leading sector of the day, carrying the Nasdaq to the leading index of the day. The Nasdaq closed with a +1.03% gain on higher volume. The 99% closing range resulted from a 45% green body at the top of the candle which opened with a gap above yesterday's close. The lower wick was formed in the morning, but the index quickly erased the dip with gains into the afternoon that ended with a rally at close. There were three advancing stocks for every declining stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, April 9, 2021 Facts: +0.51%, Volume lower, Closing range: 97%, Body: +72% Good: Never revisited morning low, bullish buying rest of the day Bad: Nothing Highs/Lows: Higher high, lower low Candle: Bullish outside day candle with short lower wick, almost no upper wick Advance/Decline: Two declining stocks for every advancing stocks Indexes: SPX (+0.42%), DJI (+0.17%), RUT (+0.88%), VIX (-1.22%) Sectors: Health (XLV +1.10%) and Industrials (XLI +0.97%) were top. Consumer Staples (XLP -0.17%) and Energy (XLE -0.66%) were bottom. Expectation: Higher The morning producer price index numbers are a great sign for the economy as demand increases in manufactured goods indicates consumer demand. It's not a great sign if you are worried about inflation. The markets opened with a dip on the news, but quickly recovered as the dollar pulled back from the morning reaction to the news. The Nasdaq closed the day with a rally to gain +0.51% with a closing range of 97%. Volume was lower but buyers were present throughout the day, leading to a 72% green body over a small lower wick from the morning dip. The higher high and lower low, with a high closing range, create a bullish outside candle. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Meaning of Life (View on the Week) The story of the week was the strength of big tech as the four largest mega-caps broke out of bases and drove indexes and their respective sectors higher. The week also saw a breakout of growth stocks relative to value stocks after a few months of rotation. It's still yet to be determined if the trends will stick, but the charts show a positive trend. Although it was Apple with the big weekly gain, Alphabet, Microsoft and Tesla all helped kick-off the momentum on Monday. Microsoft continued gains from the previous week's big announcement deal with the US Army. Tesla announced record production and deliveries for the first quarter over the holiday weekend. The gap-up on Monday took the index well past a declining resistance line. The big gain warranted a pause as the index tested the 13,700 resistance area. The next two days were mostly sideways choppy action. Investors showed caution in the market, signaled by the rise of Utilities from the bottom to the top of the sector chart during Tuesday's session. The caution continued into Wednesday even as mega-caps continued to advance. Then a surprise consumer credit number arrived late on Wednesday. Instead of a $5B expected number for February, consumer credit rose to $27.58 signaling that consumers were not only confident (from the previous weeks data), but were spending money. That was enough to continue the rally and the Nasdaq opened with another gap up on Thursday despite disappointing jobless claims in the morning. On top of the economic data, the USD dollar continued to weaken while the treasury yield curve was flattening and commodity prices showed high demand. It was bullish for the economy and the right context to see big tech and growth stocks soar. Friday ended the week with an outside day. Prices dipped in the morning as inflation worries crept back into investors' minds after the produce price index data was higher than expected. Those worries subsided and the index continued its rally into the close for the week. The Nasdaq advanced +3.12% for the week. The closing range is 99% for a second week in a row. Volume was lower. The lowering volume trend is largely due to the absence of the retail investor. That is confirmed by VandaTrack, which tracks retail investors and shows they are taking a step back from the market. That's bad news if you want to play your hand in the next YOLO meme stock trade. But it's good news if you want to see fewer swings in the value of your portfolio. The higher high and higher low is a great signal of the uptrend. The index closed just above 13,900 and is working toward the round number resistance of 14,000 before it moves toward a new all-time high. The S&P 500 (SPX) and Dow Jones Industrial (DJI) both set new all-time highs, making +2.71% and +1.95% advances for the week. The Russell 2000 (RUT) retreated -0.46% for the week. The Russell 2000 was outperforming since August but has been consolidating since hitting an all-time high in March. Certainly, small-caps and the index will benefit from market rallies, but the question will be at what level of relative performance to the rest of the market. This is something to watch over the coming weeks. The VIX volatility index closed well with the pre-pandemic price range with another -3.69% decline. The absence of retail investors seems to have helped reduce some of the volatility in the market as well. Growth broke out this week relative to value stocks. The dip in relative performance hit a low on March 8 and chopped back and forth before making a big move this week. The S&P 500 was dominated by three growth sectors for the week. Technology ( XLK ) finished the week as the top sector, taking the top spot on Thursday and Friday as big tech companies solidified breakouts from their recent consolidations. Likewise, Consumer Discretionary ( XLY ) and Communication Services ( XLC ) finished in second and third place largely thanks for mega-caps that are overweight in the lists. Energy ( XLE ) was at the bottom of the list with over a 4% decline. Some of that may be attributed to mixed outlook from analysts on supply and demand for oil . But Energy also tends to suffer when a large amount of investment rotates into the three big growth sectors. Only Energy declined for the week. The other sectors had gains, albeit underperformed the broader S&P 500 index . The 30y treasury bond yield gained slightly while the 10y note yield declined. The US 2y note yield also declined. Most importantly, the yield curve continues its trend of flattening, helping improve investor confidence in growth companies impacted by interest rates. Both the High Yield Corporate Bond (HYG) and Investment Grade Bond (LQD) prices advanced for the week. The spread between corporate bonds and treasury bonds still has some tightening to get back to pre-pandemic levels, but the trend is heading in the right direction. The US Dollar (DXY) retreated -0.89% this week giving a boost to big multi-national companies that can benefit from a weakened US Dollar. The recovery of economic activity is accelerating and that can be seen clearly in demand for commodities. Silver (SILVER) and Gold (GOLD) both advanced for the week. Crude Oil Futures (CRUDEOIL1!) declined for the week as investors balance the increased output with expected recovery in demand. Timber (WOOD) advanced for another week. Copper (COPPER1!) and Aluminum (ALI1!) both advanced for the week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Big Four Mega-caps It was a great week for the big four mega-caps. They all drove the indexes and their respective sectors higher. Apple (AAPL) gained + 8.13%, Microsoft (MSFT) gained +5.57%, Amazon (AMZN) gained +6.68%, and Alphabet (GOOGL) gained +6.62%. All four now show the 10 week moving average line above the 40 week moving average line, confirming their uptrends. As an added signal behind the strength of these breakout moves in the mega-caps, note at the volume is higher for all of them and at the bottom, the thick blue bars show a strong outperformance of the Nasdaq. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Four Recovery Stocks I picked four recovery stocks to track against the indexes and other indicators in this weekly report. Carnival Cruise Lines (CCL) gained over 9% after providing a cautiously optimistic outlook for this year during their earnings announcement. Delta Airlines (DAL) and Marriott (MAR) both held onto gains for the week, despite their red candles. Exxon Mobil (XOM) declined for the week, pulled down by downgrade of Chevron and sell-off of Energy stocks. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio (PCCE) closed the week 0.588. A contrarian indicator, when the put/call ratio is below 0.7, it signals overly bullish sentiment and could mean an overbought market. The CNN Fear & Greed index remained in the same area, on the side of greed, for most of the week. The NAAIM exposure index rose to 89.85, showing money managers are increasing position sizes again. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Week Ahead There will be Treasury auctions for 10y and 3y notes on Monday afternoon. The performance of those auctions could impact investor sentiment in the bond market and send yields in either direction. Consumer Price Index data for March will be released on Tuesday. The data compliments the produce price index data released this past week. The produce price index data is leading indicator to consumer price index data, both providing an outlook on inflation. Economic news for Wednesday includes Export/Import Price index data before markets open. Crude Oil Inventory data will be released after the market opens. Thursday has several economic data releases. Initial Jobless Claims data before the market opens will hopefully recover a bit from last week's negative surprise. Retail Sales data for March should show an improvement over the February numbers that were brought down by weather events. The Manufacturing Index data and Industrial Production data will also be leading indicators on the recovery of economic activity. Building Permits and Housing Starts data will be released on Friday morning. We will also get an update on Consumer Expectations and Consumer Sentiment. This quarters earning season will pick up next week, dominated by earnings reports in the Financial sector. Monday and Tuesday do not have any notable reports for the daily update. On Wednesday, JP Morgan (JPM), Wells Fargo (WFC), Goldman Sachs (GS) will release earnings reports. In addition, retail stocks Bed, Bath and Beyond (BBBY) and Lovesac (LOVE) will release earnings. On Thursday, the Financial sector earnings reports will include Bank of America (BAC), Citigroup (C), Charles Schwab (SCHW) and BlackRock (BLK). Taiwan Semiconductor (TSM), UnitedHealth (UNH), Delta Airlines (DAL) will also be closely watch earnings reports for the day. Friday's reports include Honeywell (HON) and Morgan Stanley (MS). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bullish Side A lot of the bullish side is a continuation of the signals we saw at the end of the previous week. The mega-caps continued breakout moves on higher volume this week which has led the indexes higher and restored confidence in big tech and growth stocks. The volatility in the market continues to drop to pre-pandemic levels as retail investors spent new stimulus checks on something other than meme stocks. The US Dollar and Treasury Yields have also stopped their climbs that was causing investors to worry about interest rates impacting growth companies while the US Dollar impacts the bottom line of multi-nationals. The growth sectors of Technology, Communications and Consumer Discretionary are leading the market higher. These sectors focused on innovation, have been responsible for many of the big rallies over the past decade. The pop in consumer credit came as a positive surprise this past week. Consumer sentiment numbers this week could add to the positive outlook on spending as consumers unleash record-setting savings and new stimulus checks into the economy. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bearish Side Investors are not worry-free. Biden's infrastructure plans and proposal for higher corporate taxes are having analysts and investors calculating the impact to sectors and valuations of US companies. The progress of these proposals in congress will keep investors on their toes for the coming weeks. Inflation also continues to be a top worry, stoked by Friday's produce price index data. The inflation outlook could get worse as consumer price index data is released this week. The Fed's assurance to not change monetary policy to control inflation only helps calm the worries to a certain degree. Energy being at the bottom of the sector list is another sign of the uncertainty. Analysts are watching closely as the pandemic hits third-waves in many countries which could cause lower than hoped demand for travel and leisure, and likewise lower demand for oil. While OPEC is cautiously increasing supply, a sharp pull back in demand will cause the sector further losses. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Key Nasdaq Levels to Watch The Nasdaq cleared key areas of resistance this past week, leaving just a few key levels in between Friday's close and a new all-time high. On the positive side, the levels are: 13,905.41 is the high of this week. Make a new high for next week to continue the uptrend. 14,000 will be the next area of resistance. Round numbers tend to be areas of resistance as they become triggers for alerts and buy/sell rules. The all-time high is at 14,175.12. That might be a stretch to get there this week, but keep it in our sites. On the downside, there are a few key levels: The low of this past week is 13,582.76. The moving average lines are all very close together. The 10d MA is at 13,479.31. The 50d moving average is at 13,452.07. The 21d exponential moving average is at 13,439.48. Look for the index to stay above these averages and for the 21d EMA to cross above the 50d MA. The lower line of the channel from the March 2020 bottom is around 13,128 for next week. The low of this past week is 12,922.57. Stay above that price to give us a higher low for this week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The signals looked good coming into this week and continue to show positive signs for next week. There are certainly a few things we'd like to see to remain confident. For the Nasdaq, clear the 14,000 line and set a new all-time high, joining the other major indexes. That will require big tech and growth stocks to continue to rally. The Russell 2000 is not participating in the rally thus far. Having it break out of the symmetrical triangle and begin moving along with the other indexes will be a positive sign of broad support in the market. There's a lot of be positive about, but don't forget things can always change quickly. Good luck, stay healthy and trade safe! by drewby432114
Illustrative idea... continued*Just an idea, not financial advice* We're now exiting an area of continual volatility. The potential for a small-lived big swing downwards is still possible, wait for confirmation during next week. Cost averaging over this period would reduce the risk. by flxtcha2
Weekly Wrap (10/04/2021)NASDAQ:IXIC This week for tech stocks has been rather bullish. With many good catalysts the week before which aided this week's rally, it has really pumped some optimism into the market. With important bullish points having been penetrated in the daily graph such as the 13700 area. Having surpassed this point with no red days has been a very good indicator that there is steam now re-entering the technology sector. However, there is one thing to be cautious of and that is overextension. Although the upward momentum has been very positive, it has now landed the index in a position where it can move too quickly too fast and becomes over-bought. In this situation, I would expect the price to bounce back to its mean of roughly 13500 before once again making a strong move towards the upside. So I guess the most important thing to watch out for particularly in the technology sector is, 1 that the index isn't too over-optimistic and pushes past the 14000 points too quickly and 2, that there aren't any real changes in interest rates that may drive investors out of equities and into other sections of the financial markets. Happy weekend everyone! I hope your trading has gone well for this week. - LMFLongby JustPlainHenry1
IXIC Analysis From 29-03-2021 To 26-04-2021Nasdaq Composite :- INDEXNASDAQ: .IXIC Looking Bullish Go For Buy TradeLongby TRUECOSMOSUpdated 6
Daily Market Update for 4/9Trend lines drawn from the 3/5 low (25d), 4/5 (5d) and today 4/9 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, April 9, 2021 Facts: +0.51%, Volume lower, Closing range: 97%, Body: +72% Good: Never revisited morning low, bullish buying rest of the day Bad: Nothing Highs/Lows: Higher high, lower low Candle: Bullish outside day candle with short lower wick, almost no upper wick Advance/Decline: Two declining stocks for every advancing stocks Indexes: SPX (+0.42%), DJI (+0.17%), RUT (+0.88%), VIX (-1.22%) Sectors: Health (XLV +1.10%) and Industrials (XLI +0.97%) were top. Consumer Staples (XLP -0.17%) and Energy (XLE -0.66%) were bottom. Expectation: Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The morning producer price index numbers are a great sign for the economy as demand increases in manufactured goods indicates consumer demand. It's not a great sign if you are worried about inflation. The markets opened with a dip on the news, but quickly recovered as the dollar pulled back from the morning reaction to the news. The Nasdaq closed the day with a rally to gain +0.51% with a closing range of 97%. Volume was lower but buyers were present throughout the day, leading to a 72% green body over a small lower wick from the morning dip. The higher high and lower low, with a high closing range, create a bullish outside candle. The day was dominated by industrials and mega-caps as the Dow Jones Industrial average (DJI) closed at a new all-time high with a +0.89% gain. The S&P 500 (SPX) also set a record close after a +0.77% gain. The Russell 2000 (RUT) did not do as well but still was able to squeak out a gain of +0.04%. The VIX volatility index declined -1.53%, continuing to move lower into its pre-pandemic trading range. Health (XLV +1.10%) and Industrials (XLI +0.97%) were top. Consumer Staples (XLP -0.17%) and Energy (XLE -0.66%) were bottom. The sectors don't hold any big surprises except Energy which rose to the top of the list just after market open and quickly sank to the bottom by mid-day as the outlook for demand vs supply was mixed among investors. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) rose +0.12% but was well off intraday highs driven by the inflation outlook. The US 30y treasury bond and 10y and 2y note yields all advanced. Both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices both declined slightly. Silver (SILVER) and Gold (GOLD) both declined. Crude Oil (CRUDEOIL1!) declined just slightly. Timber (WOOD) advanced. Copper (COPPER1!) and Aluminum (ALI1!) declined. Nothing alarming in the commodities. Oil was choppy intraday as analysts tried to figure out the supply and demand outlook. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.588. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is remained about the same, on the greed side. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders The big four mega-caps continue to rise. Apple (AAPL) gained +2.02% and Amazon (AMZN) gained +2.21%. Both are moving toward their 21d EMA crossing above the 50d MA to solidify the uptrend. Microsoft (MSFT) and Alphabet (GOOGL) already met that milestone and gained +1.03% and 0.90% for the day. United Health (UNH) topped the mega-cap list helping the Health services sector lead for the day. Salesforce.com (CRM), Amazon (AMZN) and Apple (AAPL) round out the top performing mega-caps. As the bottom of the list were Alibaba (BABA), Comcast (CMCSA), Johnson & Johnson (JNJ) and Tesla (TSLA). Moderna (MRNA) topped the growth stock list that is about half-and-half gainers and losers. UP Fintech (TIGR), Chewy (CHWY) and Palantir (PLTR) also were at the top of the list. Peloton (PTON), Beyond Meat (BYND), Snowflake (SNOW) and Zoom Video (ZM) were at the bottom of the list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Monday will kick-off next week with a 10-year Treasury Note Auction in the afternoon. Earnings reports will start to pick up next week, but there are no notable earnings for the daily update on Monday or Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index is inching toward the 14,000 support/resistance area. A breakthrough of that line will be a confidence booster on the way to new all-time highs for the Nasdaq. The five-day and one-day trend lines point to a +0.34% gain on Monday. The trend line from the 3/5 low points to a -1.91% loss. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The day was for the large/mega caps and industrials. Some mid-cap growth stocks also did well. The Russell 2000 and small-caps seemed to give back are consolidating in a bullish symmetric triangle. We can expect the index to eventually breakout and join the other indexes if the market continues upward. I'm confident it will follow the market trend, but the question will be at what pace. The small cap index was on a tear from September to March, outperforming everything, but pulled back with the recent rotations. Will it pick back up the previous pace or will it underperform the other indexes. Stay healthy and trade safe! by drewby43213
Daily Market Update for 4/8Trend lines drawn from the 3/5 low (24d), 4/1 (5d) and today 4/8 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, April 8, 2021 Facts: +1.03%, Volume higher, Closing range: 99%, Body: +45% Good: Gains all-day with few pullbacks, high closing range, higher volume Bad: Nothing Highs/Lows: Higher high, higher low Candle: Longer lower wick under a green body, no upper wick Advance/Decline: Three advancing for every two declining stocks Indexes: SPX (+0.42%), DJI (+0.17%), RUT (+0.88%), VIX (-1.22%) Sectors: Technology (XLK +1.44%) and Consumer Discretionary (XLY +0.47%) were top. Real Estate (XLRE -0.49%) and Energy (XLE -1.30%) were bottom. Expectation: Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors shook off early nervousness over higher jobless claims and bulls led the markets rally throughout the day. Treasury yields, the US Dollar and commodity prices all supported Technology as the leading sector of the day, carrying the Nasdaq to the leading index of the day. The Nasdaq closed with a +1.03% gain on higher volume. The 99% closing range resulted from a 45% green body at the top of the candle which opened with a gap above yesterday's close. The lower wick was formed in the morning, but the index quickly erased the dip with gains into the afternoon that ended with a rally at close. There were three advancing stocks for every declining stock. The Russell 2000 (RUT) rallied after a few days of declines and ended the day with a +0.88% gain. The S&P 500 advanced +0.42% and the Dow Jones Industrial average (DJI) closed with a +0.17% gain. The VIX volatility index declined -1.22% and is now well within the pre-pandemic range of highs and lows. Technology (XLK +1.44%) and Consumer Discretionary (XLY +0.47%) were top sectors for the day. Utilities (XLU -0.08%) opened with gains in the morning but faded to near the bottom of the list by the end of the day. Real Estate (XLRE -0.49%) and Energy (XLE -1.30%) were the worst performing sectors of the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.38% continues to retreat from a pivot high at the end of March. The US 30y treasury bond and 10y and 2y note yields all declined. The yield curve continued its trend of flattening. Both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices both advanced. Silver (SILVER) and Gold (GOLD) both advanced. Crude Oil (CRUDEOIL1!) declined just slightly. Timber (WOOD) advanced. Copper (COPPER1!) advanced while Aluminum (ALI1!) declined. All are showing strong demand and bullish for the economic recovery. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.592. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is remained about the same, on the greed side. The NAAIM exposure index rose to 89.95 from 52.02 the previous week. The index, released on Wednesday evenings represents the amount of exposure in active investment managers portfolios. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four big mega-caps gained for another day. Apple (AAPL) and Microsoft (MSFT) climbed +1.92% and +1.34%, helping carry the indexes into close. Amazon (AMZN) and Alphabet (GOOGL) gained +0.61% and +0.51%, but closed in the lower half of the intraday range. We are still anticipating the crossover of the 21d EMA over the 50d MA for Apple and Amazon which will signal a confident uptrend. Microsoft and Alphabet have already met that milestone. PayPal (PYPL +3.48%), Taiwan Semiconductor (TSM +2.95%), ASML Holding (ASML +2.13%), Tesla (TSLA +1.91%) were at the top of the mega-cap list. Big communications companies Verizon (VZ) and AT&T (T) joined Nike (NIKE) at the bottom of the list, all with over 2% declines. Today was much better for growth stocks than the previous day, with the majority of growth in the daily update list having gains. UP Fintech (TIGR), GrowGeneration (GRWG), FUTU Holdings (FUTU) topped the list with over 10% gains each. Draft Kings (DKNG) and Dr Horton (DHI) were at the bottom of the list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead On Friday, the producer price index data will be released that gives a view into inflation. Expect the US dollar and Treasury Yields to be impacted if the number is far off forecast. There are no notable earnings reports for Thursday for the daily update. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index is nearing the 14,000 support/resistance area. A breakthrough of that line will be a confidence booster on the way to new all-time highs for the Nasdaq. The five-day trend line points to a +1.16% gain on Friday. The one-day trend line points to a small gain of +0.16%. The trend line from the 3/5 low points to a -1.85% loss. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Everything lined up nicely for big tech and growth stocks today. Yields dropped back as the yield curve continues to flatten. The US dollar weakened, benefiting big multinational companies. Commodities show high demand indicating economic activity picking back up. Eyes will be on the produce price index data tomorrow before market opens. Higher prices would indicate more demand for products as a result of increased spending, but it may also make investors nervous about inflation. Still, Jerome Powell held firm today that inflation was unlikely, so investors will have to balance their worries with assurances from the Fed that changes in economic policy are still long off in the future. Don't fight the fed. The resurgence of growth stocks continues to accelerate relative to value stocks. The gains were broad across the category today. Many of the charts for growth have a long way to go to get past overhead supply and reach new all-time highs. Value stocks have leveled off for the past few weeks, could be basing and may have some more growth of their own. Stay healthy and trade safe! by drewby432110
IXIC 3/29/2021Daily Chart: Breakout out of its previous consolidation phase, NASDAQ went on a run between 11/24/20 thru 2/17/21 peaking at almost 14200.00 for All-time highs. During that move, price respected the 10EMA before breaking down on 2/19/21. From its peak, price has fallen as low as 12% from the all-time highs. A Support area has been established around 13000 with multiple touches. Price has fallen below this price twice and twice the lower prices were rejected with the buyers showing their strength and buying it up. To further display the strength, higher lows were made and a previous trendline was respected as well. After making its way back above the Support Area of 13000, we finished the day with a spinning top candlestick. The current state of the market can be compared to the previous consolidation that occurred after stocks reached all-time highs and peaked on 9/20/20. From that peak, stocks fell as low as 12.7% from highs. After multiple touches, a Support area was established at 10800.00. Here we had price fall below it once and reject lower prices. A trendline was created after a series of higher lows where price then made a move to Resistance area and breaking out shortly after. Look for history to repeat itself. A lot of positives and strength can be taken away here from a “Long” perspective. The price rejections, higher lows, respect of previous trendline, and the price making its way back to Support area all display the buyer strength. We are also currently in an Uptrend and the spinning top candlestick at support during Uptrend is the que to reenter the markets. All these factors have led me to believe we are at a bottom. I will investigate the other major indexes for further confirmation and look to reenter the market. The American Stock Market makes me proud to be an American. God Bless America. Longby rudchartsUpdated 2
Daily Market Update for 4/7Trend lines drawn from the 3/5 low (23d), 3/31 (5d) and today 4/7 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, April 7, 2021 Facts: -0.07%, Volume lower, Closing range: 44%, Body: +17% Good: Stayed near 13,700 support, lower volume, not a distribution day Bad: Indecisive candle, no signal on direction Highs/Lows: Lower high, lower low Candle: Long upper shadow above a thin green body Advance/Decline: About three declining for every two advancing stocks. Indexes: SPX (+0.15%), DJI (+0.05%), RUT (-1.60%), VIX (-5.30%) Sectors: Communications (XLC +0.77%) and Technology (XLK +0.53%) were top. Industrials (XLI -0.46%) and Materials (XLB -1.72%) were bottom. Expectation: Sideways -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview It was a choppy side-ways session today for most of the market. The small caps suffered compared to the larger caps while mid-cap growth stocks had mixed results. Overall, investor sentiment remained cautious without many big reactions to economic news. The Nasdaq closed with a -0.07% decline, another indecisive day without a clear signal on direction. The 17% body is in the lower half of the candle as the index attempted to find a rally twice but reversed quickly back to the 13,700 area. The closing range of 44% is better than the previous day, but the lower higher and lower low show the bears put up a good fight. There were nearly four declining stocks for every advancing stock. The S&P 500 (SPX) closed the day with a +0.15% gain while the Dow Jones Industrial average (DJI) gained +0.05%. Both indexes were helped by mega-caps. The small caps didn’t fare so well. The Russell 2000 (RUT) fell -1.60% in a bearish day for the sector. The VIX volatility index declined +5.30% and closed at its lowest point since before the pandemic. Communications (XLC +0.77%) and Technology (XLK +0.53%) led the sector list. Industrials (XLI -0.46%) and Materials (XLB -1.72%) were at the bottom. Utilities (XLU -0.12%) retreated from the top of the list yesterday, signaling a bit more confidence among investors despite the subdued results in the indexes. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.29% but did not seem to be impacted by the morning change in sentiment. The US 30y treasury bond and 10y note yields both advanced for the day while 2y note yield declined. The yield curve steepened, but is still in a flattening trend since the beginning of April. Both High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined slightly for the day. Silver (SILVER) and Gold (GOLD) both declined. Crude Oil (CRUDEOIL1!) gained for a second day. Timber (WOOD) advanced. Copper (COPPER1!) advanced while Aluminum (ALI1!) declined. All are still showing strong demand. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.589. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is remained about the same, on the greed side. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four big mega-caps gained for the day and all four closed above the key moving average lines now that Apple (AAPL) finally closed above the 50d MA. The next milestone for these four will be to get the 21d EMA above the 50d MA showing a lasting trend after the dips in March. Microsoft (MSFT) and Alphabet (GOOGL) are already there. Apple (AAPL) and Amazon (AMZN) still have the 21d EMA below the 50d MA but are starting to close the gap. Facebook (FB), Nvidia (NVDA), Amazon (AMZN) and JP Morgan Chase (JPM) are an interestingly diverse set of mega-caps to top the list for the day, representing four difference sectors. At the bottom of the list is Tesla (TSLA), Alibaba (BABA), Taiwan Semiconductor (TSM) and Walt Disney (DIS). It was a challenging day for growth stocks as the majority of the daily update list had declines. SNAP (SNAP), Square (SQ), Twitter (TWTR) and PayPal (PYPL) topped the list, echoing the sector leaders. At the bottom of the list were yesterday's growth stock leaders including UP Fintech (TIGR) and Ehang Holdings (EH). Enphase (ENPH) and Solar Edge (SEDG) were also near the bottom despite getting a boost the previous day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Thursday brings the weekly Job Claims in the morning. At noon, Fed Chair Jerome Powell is scheduled to speak which will be watched closely and balanced against the FOMC Meeting Minutes from last month that were released today. There are no notable earnings reports for Thursday for the daily update. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index still has support in the 13,600-13,700 area and stayed above it after two tests today. The five-day trend line points to a +1.89% gain on Wednesday. The one-day trend line is nearly flat and points to a sideways move tomorrow. The trend line from the 3/5 low points to a -1.40% loss, which is just above the 50d MA. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Indecision. Investors eyes were on the FOMC Meeting Minutes but sentiment remained unchanged after they were released. It sent the same message we've been hearing from the Fed, including a strong commitment to economic recovery while pushing off any policy changes until substantial progress is made. In a surprise at the end of the day, consumer credit for February was much higher than expected showing economic stimulus starting to work toward getting consumers spending again. It seems that growth stocks are beginning to gain ground again compared to value stocks. Since the beginning of March, this chart that compares Growth to Value has pivoted from a sharp decline that started in August. It has not been an easy rotation. There is still a lot of back and forth with growth stocks, and new winners are being sought out. The churn is likely caused by the mass exit of retail investors from the market. Those investors were heavily leaning on growth stocks in 2020 and the beginning of 2021, but volume has dropped significantly as lock downs end and consumers find other things to spend money on. Keep an eye out for new opportunities as the 2021 winners begin to emerge. Stay healthy and trade safe! by drewby4321Updated 9
Nasdaq short term outlook Headed towards gap fill at 13842(Yellow line). Consolidated a last few day after that massive 600+ 3day rally.. My only concerns are those 3 gaps left behind ; 2 of which I highlighted. I really find it hard to believe the Nasdaq can reach new highs without closing at least one of those gaps. It'll be interesting to see what happens once it reaches 13842, if it punches through then 14k is incoming. Green line is fib support. If it falls below 13620 I'd look for a nearest gap fill.by ContraryTrader111
NASDAQ on a tearBefore it was a question of the Nassie holding support at 13000, which it did, then breaking it's downtrend and holding above 13300... which it did.... and then it was a question of it needing to break resistance zone and selling pressure around 13600, which it's done. AMAZING. With so much gapping up, the best case scenario before anything more would be a little consolidation around this region, showing that this move has got some good weight behind it for making a move for new ATHs. Regaining it's 50 day SMA is very good, and as it can be seen previously when it ' double dipped ' below, it then proceeded to channel upwards for an extended period of time. Does the same way it's 'double dipped ' below the 50 day SMA recently, mean that this could now be headed for another period of excellent gains? Longby TeaboUpdated 2
NASDAQ you know what to do with this LONG14000 is my target no matter what :) Fundamental is very niceLongby illuminating_tradeUpdated 1
Daily Market Update for 4/6Trend lines drawn from the 3/5 low (22d), 3/30 (5d) and today 4/6 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, April 6, 2021 Facts: -0.05%, Volume lower, Closing range: 24%, Body: +16% Good: Higher high, higher low, held support around 13,700 Bad: Long upper shadow from afternoon selling Highs/Lows: Higher high, higher low Candle: Long upper shadow above a thin green body Advance/Decline: About three declining for every two advancing stocks. Indexes: SPX (-0.10%), DJI (-0.29%), RUT (-0.25%), VIX (+1.17%) Sectors: Utilities (XLU +0.53%) and Consumer Discretionary (XLY +0.43%) were top. Health Services (XLV -0.38%) and Technology (XLK -0.43%) Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview There was caution in the market on Tuesday after several days of record setting gains. Investors are monitoring the progress of infrastructure plans and the potential for new taxes. At the same time, the pandemic keeps popping up new fears as Canada declares a very serious third wave. The Nasdaq closed with a small -0.05% loss, after climbing 0.5% in the morning. The closing range of 24% is above a thin 16% body signaling indecision. The long upper wick was formed from a morning rally that sold off in the afternoon. Still, the index seemed to have support around the 13,700 area, testing the area twice and settling just below the line at the close. There were 3 declining stocks for every 2 advancing stocks. The S&P 500 closed the day with a -0.10% after setting another all-time high in the morning. The Dow Jones Industrial average (DJI) and Russell 2000 (RUT) both delivered inside days (lower high, higher low) with -0.29% and -0.25% declines. The VIX volatility index advanced +1.17%. The sectors show a clear shift in investor sentiment about an hour after open. Energy was leading the sector list in the morning before a downgrade of Chevron by Goldman Sachs. The downgrade doesn't explain it all as Exxon Mobil and oil prices also came down from morning highs. The other signal of investor nervousness was the shift of Utilities (XLU) from the bottom sector in the morning to the top sector at close. The only other sector that seemed to react to the change in sentiment was Financials (XLF) likely as investors bought up treasuries and brought long term yields down. Utilities (XLU) and Consumer Discretionary (XLY) ended the day at the top sector list. Health Services (XLV) and Technology (XLK) ended the day at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.29% but did not seem to be impacted by the morning change in sentiment. The US 30y treasury bond and 10y note yields both declined for the day while 2y note yields rose. The yield curve continues to flatten. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced and continue in an uptrend. Silver (SILVER) and Gold (GOLD) both advanced. Crude Oil (CRUDEOIL1!) ended the day with gains, despite pulling back from morning highs. Timber (WOOD) advanced. Copper (COPPER1!) declined while Aluminum (ALI1!) advanced. All are still showing strong demand. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio ended the day at 0.523. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is remained about the same, on the greed side. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Among the big four mega-caps, only Apple (AAPL) ended the day with gains. However the declines across the other three were not enough to invalidate breakouts. With the big gains over the previous three sessions, there should be no surprise for prices to pause here. Microsoft (MSFT), Amazon (AMZN) and Alphabet (GOOGL) are all trading above both key moving average lines (the 21d EMA and 50d MA). Apple hit resistance at the 50d MA and closed below the line. Alibaba (BABA), Nike (NIKE) and AT&T (T) were some of the top mega-cap gainers for the day. At the bottom were Intel (INTC), United Health (UNH), Taiwan Semiconductor (TSM) and ASML Holding (ASML). Most of the growth stocks in the daily update list had gains for the day. Top winners were ROKU (ROKU), UP Fintech (TIGR), Ehang Holdings (EH) and DataDog (DDOG). Investors still seem a bit uncertain which of these growth names will benefit with the economic recovery as they still chop back and forth regularly. For example Zynga (ZNGA) was near the top of the list yesterday, and at the bottom of the list today. DataDog at the bottom of the list yesterday and near the top today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There will be a few key updates on Wednesday morning. First employment data for March will be updated. Purchasing Managers Index data will indicate how much purchasing activity is happening in order to meet manufacturing demands. Pending Home Sales and Crude Oil Inventories will be released after market open. There are no notable earnings reports for Wednesday for the daily update. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index still has support in the 13,600-13,700 area and stayed above it after two tests today. The five-day trend line points to a +2.10% gain on Wednesday. The one-day trend line is nearly flat and points to a sideways move tomorrow. The trend line from the 3/5 low points to a -1.90% loss, which is just above the 50d MA. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Investors showed some nervousness today mid-morning, changing momentum in the market for several sectors. Despite the switch in sentiment, key areas of support held and we could view the day's result as a pause during a fairly aggressive uptrend the past few days. Still, the candle itself has that appearance of a shooting star that signals the end of an uptrend. So it could be things need to move sideways a bit here or even pull back once more before proceeding. With the overall economic situation continuing to approve, more upside seems in the future, but only the market can tell us when it will happen. Stay healthy and trade safe! by drewby4321226
Baseball cards are less risky than the stock marketHas the world gone soft or hard? How did the world become scared? Blood will flow greater than Niagara falls Nothing in sight just nature's calls Pick a card, any cardShortby zman7771
Daily Market Update for 4/5Trend lines drawn from the 3/5 low (21d), 3/29 (5d) and today 4/5 (1d). Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, April 5, 2021 Facts: +1.67%, Volume lower, Closing range: 94% (w/Gap), Body: +80% Good: Three positive days in a row, above 13,700 confirmed with a quick retest Bad: Lowering volume Highs/Lows: Higher high, higher low Candle: Gap up, mostly green body with a slightly longer upper wick Advance/Decline: About the same number of advancing as declining stocks. Indexes: SPX (+1.44%), DJI (+1.13%), RUT (+0.49%), VIX (+3.35%) Sectors: Consumer Discretionary (XLY +2.27%) and Communications (XLC +2.11%) were top. Energy (XLE -2.39%) was the only declining sector. Expectation: Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The markets set new records on Monday led by gains from the largest public companies in Consumer Discretionary, Communications and Technology. The S&P 500 and Dow Jones Industrial marked new all-time highs with a bullish session that began the day with opening gap ups. The Nasdaq closed the day with a +1.67% gain on lower volume. The closing range of 94% includes the morning gap-up that led to an 80% green body. A minor fade in the afternoon created a slightly longer upper wick than the lower wick but the higher high and higher low continue a strong uptrend from last week's pivot. There were about the same number of gaining stocks as declining stocks. The S&P 500 (SPX) gained +1.44% for the day. The Dow Jones Industrial average (DJI) gained +1.13%. Small caps also had gains, but not quite as strong as the large and mega-caps. The Russell 2000 (RUT) gains +0.49%. The VIX volatility index advanced +3.35%. Consumer Discretionary (XLY +2.27%) , Communications (XLC +2.11%) and Technology (XLK +2.07%) are all worth mentioning as the top sectors. They were the three to outperform the SPX which means they were also responsible for much of the gains in the broader index. All three were led higher by at least one of the top ten mega-caps. Energy (XLE -2.39%) was the only losing sector of the day due to a drop in crude oil prices. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.47% adding support to large multi-nationals. The US 30y treasury bond and 10y note yields rose slightly for the day, but seem under control. 2y notes yields rose a bit more and narrowed the spread between short and long term. High Yield Corporate Bond (HYG) prices rose while Investment Grade Corporate Bond (LQD) prices declined. Both are in an uptrend. Silver (SILVER) and Gold (GOLD) both declined slightly but seem to have support. Crude Oil (CRUDEOIL1!) futures declined as OPEC decided to increase production but then the pandemic seems to be worsening in Europe. Timber (WOOD) advanced. Copper (COPPER1!) advanced while Aluminum (ALI1!) remained flat. The soaring commodity prices show recovering demand in the economy, but could also be sign of coming inflation. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped to 0.501. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is moved more toward the greed side. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders The biggest four mega-caps produced some eye-popping charts today. Microsoft (MSFT) and Alphabet (GOOGL) broke out into new all-time highs with +2.77% and +4.19% gains. Both are trading above their 21d EMA and 50d MA lines. Amazon (AMAZN) gained +2.08% and moved back above the 50d MA, and trades above both lines as well. Apple (AAPL) gained a respectable +2.36%, but still has some work to do to get above the 50d MA. Tesla (TSLA) found its way to the top of the mega-cap list after announcing record production and deliveries for the last quarter. Intel (INTC), Oracle (ORCL), Facebook (FB) and Alphabet all have gains of over 3% helping their respective sectors lead for the day. At the bottom of the list is Chevron (CVX) and Exxon Mobile (XOM). The growth stock list is a bit harder to decipher. Results are mixed and overall lean toward losses. Outside of Tesla and Facebook topping the list, Pinterest (PINS), Dr Horton (DHI) and Zynga (ZNGA) had leading gains for the day. However, a good number of growth stocks had more than 2% losses for the day with Enphase (ENPH), Etsy (ETSY) , Solar Edge (SEDG) and DataDog (DDOG) leading the declines with more than 4% losses. As the market turns toward a new rally, expect investors to be figuring out who the new winners and losers will be in the economic recovery. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead On Tuesday, the CB Consumer Confidence numbers will be released just after market open. The API Weekly Crude Oil Stock will be updated after market close. There are no notable earnings reports for Tuesday except maybe PAYX that could confirm a positive outlook for the labor market. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The index moved above the 13,600-13,700 support area and stayed above despite a quick retest. If the one-day trend continues, we can expect a +1.64% gain for Tuesday. The five-day trend line points to a +0.57% gain. The trend line from the 3/5 low points to a -2.62% loss, which is below the 50d MA and just above the 21d EMA. There are some gaps to fill in the last few session opens, so it would not be a big surprise to revisit these areas. However, there is support at the 13,700 line and the 50d MA which could help reverse any dips. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Big tech showed up again last Wednesday afternoon but faded into close. It can back with a vengeance on Thursday and now is proving they are here to stay. Having Microsoft and Alphabet clear new all-time highs is a positive. There's no overhead supply for them to contend with for further gains. On the other hand, there are plenty of other mega-caps and growth stocks alike that need to claw their way back to all-time highs. The overhead supply, investors holding since prior to the dips, will cause some resistance as the sell on the way back up. The final characteristic from today is in deciphering investor sentiment for growth stocks. Some of the stocks that seemed poised to recover quickly pulled back again today despite the broader gains. Investors must be deciding which companies are the most likely to benefit from the recovering economy and new infrastructure proposals being debated in congress. Stay healthy and trade safe! by drewby43217