All five major equity averages are above what’s called a “golden cross,” which occurred when the 50-day simple moving average crossed above its 200-day simple moving average, indicating that higher prices lie ahead. Traders buy weakness to a value level that is below the current market price. Traders reduce holdings on strength to a risky level that is above the market price. A pivot is a “magnet,” which was once a value level or a risky ...
Heading into a new week, bulls remain confident, buoyed by technical indications and market internals. A rate hike is likely and the commentary surrounding it could spoil the party. The technical picture remains encouraging for bulls, as the major indices seem to be on track to leave behind the 3-month long correction. The Dow, the S&P 500 and the Nasdaq are all above their 50- and 200-day moving averages, and thanks to the recent ...
This was a brutal week for the stock market. The Dow was down over 1,400 points to close at 23,553, declining 5.7% which puts it in negative territory for the year, down 4.8%. The S&P was down 6% for the week and is now down 3.2% for the year. The NASDAQ had the worst week, down 6.5%, but is still up 1.3% for the year. Facebook and Amazon both lost $75 billion in market cap last week. While Amazon and Netflix also declined last week ...
The ‘inflating parabolic bubbles’ for the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite reached their all-time intraday highs of 26,616.71, 2,872.87 and 7,505.77 on Friday, Jan. 26, as the ‘melt-up’ to these closes warned of potential market peaks. Dow Transports and Russell 2000 were laggards setting their highs of 11,423.92 on Jan. 16 and 1,615.52 on Jan. 24, respectively. The correction ended two weeks later, on Feb. ...
With the Nasdaq Composite index breaking through the 6,000 milestone for the first time and the Dow Jones Industrial Average regaining territory above 21,000, does this market exuberance represent a new ‘dotcom-style’ bubble or a tech revolution? And, what should investors consider now. Amazon, Apple, Facebook, Google and Microsoft, which combined account for something a tenth of US market capitalization and keep notching up one record ...
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