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Nasdaq Composite Index CFD

Daily Market Update for 8/24Summary: Small-caps led the markets higher for another day, giving indexes their fourth day of gains after last week's dip. Even meme stocks were back in play with huge gains from GME and AMC. Notes 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, August 24, 2021 Facts: +0.52%, Volume lower, Closing Range: 79% (w/gap), Body: 60% Green Good: Higher high, higher low, fourth day of green candles Bad: Lower volume, otherwise nothing Highs/Lows: Higher high, Higher low Candle: Thinner candle with small upper and lower wicks, mostly green body Advance/Decline: 1.33, more advancing than declining stocks Indexes: SPX (+0.15%), DJI (+0.09%), RUT (+1.02%), VIX (+0.41%) Sector List: Energy (XLE +1.66%) and Consumer Discretionary (XLY +0.71%) at the top. Real Estate (XLRE -0.75%) and Consumer Staples (XLP -0.76%) at the bottom. Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Small-caps led the markets higher for another day, giving indexes their fourth day of gains after last week's dip. Even meme stocks were back in play with huge gains from GME and AMC. The Nasdaq closed +0.52% higher. Volume was lower than the previous day with a short candle that is still mostly body. The 60% body is in between a small upper and lower wick. The index ended the day with a 79% closing range, including the gap. There were more advancing stocks than declining stocks. The Russell 2000 (RUT) led again today, gaining +1.02%. The index is bouncing back from the bottom of the trading range it's been in most of this year. The S&P 500 (SPX) gained +0.15%, setting another record close. The Dow Jones Industrial Average (DJI) advanced +0.09%. The VIX Volatility Index gained +0.29% for the day. The top of the sector list is a mix of cyclical and growth sectors. Energy (XLE +1.66%) led the day, with Consumer Discretionary (XLY +0.71%) coming in second. Technology (XLK -0.11%) pulled back a bit today after several days of gains. Defensive sectors at the bottom of the list include Real Estate (XLRE -0.75%) and Consumer Staples (XLP -0.76%). The US Dollar declined again with a -0.10% loss today. The US 30y and 10y Treasury yields both gained for the day while the US 2y Treasury yield dropped. High Yield Corporate Bond (HYG) prices advanced. Investment Grade Corporate Bond (LQD) prices declined. Commodities mostly gained, with Aluminum hitting record highs again. Crude Oil prices are recovering from recent selling. The put/call ratio dropped to 0.512 as investors become more bullish with the current moves in the indexes. The CNN Fear & Greed index remains in Fear but is moving closer to neutral. Alibaba (BABA) topped the mega-cap list with a +6.61% gain. Amazon (AMZN) moved back above its 200d moving average line with a +1.22% advance. Microsoft (MSFT) pulled back from all-time highs, declining -0.67% as it starts to form a base. JD.com (JD) pleased investors with earnings and soared +14.44% on a good day for Chinese stocks. Meme stocks GameStop (GME) and AMC (AMC) were back in play with +27.53% and +20.35% gains respectively. The House approved the $3.5 trillion budget proposal today and promised a vote promised by the end of September on the $1 trillion infrastructure bill. Investors are making moves ahead of the Fed's Jerome Powell's speech on Friday in Jackson Hole. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Durable Goods Orders on Wednesday give another look at the pace of economic growth. Crude Oil Inventories will also be available after the market open. Higher demand would be a positive for oil and the energy sector. Salesforce.com (CRM), Snowflake (SNOW), Autodesk (ADSK), and Ehang Holdings (EH) are some of the interesting earnings reports on Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq set another all-time high and record close today, moving above the 15,000 area acting as resistance. The trend line from the 8/19 low is pointing to a +1.60% for Wednesday. The five-day trend line ends with a +0.76% gain. The one-day trend line results in a +0.19% for tomorrow. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The rally continues as investor outlook overcomes dismal economic data from last week. We've had three good structural days with the advance/decline ratio above 1.0 and decent volume. Those have resulted in higher highs, higher lows, and high closing ranges each day. After several days of gains, it would not be a surprise for a lateral move or even a pullback. Still, the chart and fundamentals in the market are showing a strong uptrend. The expectation for tomorrow is set to Sideways or Higher. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/23Summary: On Monday, the market turned optimistic after the FDA fully approved Pfizer's vaccine, adding a third day of gains off of last week's pivot low and ending with a record for the Nasdaq. Gains were broadly shared across stocks, and the defensive sectors dropped to the bottom of the sector list. Notes 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, August 23, 2021 Facts: +1.55%, Volume higher, Closing Range: 91% (w/gap), Body: 89% Green Good: No lower wick and small upper wick, thick green body with big gain on higher volume Bad: Nothing Highs/Lows: Higher high, Higher low Candle: Gap up at open, thick green body under a small upper wick Advance/Decline: 2.18, more than two advancing stocks for every declining stock Indexes: SPX (+0.85%), DJI (+0.61%), RUT (+1.88%), VIX (-7.60%) Sector List: Energy (XLE +3.75%) and Technology (XLK +1.29%) at the top. Real Estate (XLRE -0.38%) and Utilities (XLU -1.29%) at the bottom. Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview On Monday, the market turned optimistic after the FDA fully approved Pfizer's vaccine, adding a third day of gains off of last week's pivot low and ending with a record for the Nasdaq. Gains were broadly shared across stocks, and the defensive sectors dropped to the bottom of the sector list. The Nasdaq gained +1.55% for the day and set a new all-time high and record close. Volume was higher than the previous day. The candle has no lower wick for the third straight day. The thick green body covers 89% of the candle and is under a tiny upper wick, resulting in a 91% closing range (including the gap up at open). There were more than two advancing stocks for every declining stock. The Russell 2000 (RUT) small-caps led the day, with the index gaining +1.88%. The S&P 500 (SPX) advanced +0.85%. The Dow Jones Industrial Average (DJI) gained +0.61%. Energy (XLE +3.75%) jumped to the top of the sector list after a huge weekly loss this past week. Technology (XLK +1.29%) was the second-best sector, with the other growth sectors following close behind. The defensive sectors were at the bottom of the list, with Real Estate (XLRE -0.38%) and Utilities (XLU -1.29%) having the most considerable losses. Both the mega-cap list and daily update growth list were dominated by gainers today. Nvidia was the top mega-cap with a +5.49% gain. Pfizer (PFE) gained +2.48% as its vaccine gained full FDA approval. Competitors in the health sector declined, with United Health (UNH), Johnson & Johnson (JNJ), and Eli Lilly (LLY) all having more than 1% losses. Manufacturing and Services Purchasing Managers Index data came in less than expected, but Existing Homes Sales was higher than expected. The Dollar (DXY) dropped -0.52%, while US Treasuries remained about the same. High Yield Corporate Bond (HYG) prices rose for a second day. Investment Grade Corporate Bond (LQD) prices also gained. Oil prices gained over 5% for the day. Commodities also gained for the day, with Aluminum heading back toward record highs. Investor sentiment is bullish, with the put/call ratio (PCCE) dropping to .593 and the CNN Fear & Greed index moving back toward Neutral (but is still in the Fear zone). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead New Home Sales will be available on Tuesday morning. API Weekly Crude Oil Stock comes after the market closes. Medtronic (MDT), Intuit (INTU), Pinduoduo (PDD), and Best Buy (BBY) are some of the earnings reports to watch for Tuesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The index set a new all-time high today but leveled off just below the 15,000 level, which is expected. Round numbers provide a resistance point as they trigger trading rules. The three-day rally created a trend line from the 8/19 bottom, ending with a +1.42% gain for Tuesday. The one-day trend line points to a +1.00% gain. The five-day trend line ends with a -0.34% decline for tomorrow. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was another excellent structural day for the market as gains were shared broadly across the key segments that move indexes higher over time. All the components were there for a bullish run. High advanced/decline ratio and higher volume created a gap-up, higher high and higher low, and a very positive gain. We've also been tracking the Russell 2000, which bounced off a lower support area that's defined the bottom of a trading range since February. We'll continue to watch it as it approaches the upper boundary of that range. The expectation is for sideways or higher tomorrow. It will be no surprise if the Nasdaq hits more resistance at 15,000 before moving above that line. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Comprehensive Analysis for Nasdaq CompositeWhat Is the Nasdaq Composite Index? The Nasdaq Composite Index is a large market-cap-weighted index of more than 2,500 stocks, American depositary receipts (ADRs), and real estate investment trusts (REITs), among others. The index is calculated constantly throughout the trading day with the final value reported at 4:16 p.m. daily once prices have fully settled after the 4:00 p.m. ET market close. The Index's composition is nearly 50% technology, with consumer services, health care, and financials the next most prominent industries.(1) Resistance level: 14836-14895 Support:14417 Trend: Broke below the bullish trend line after 66 days! Hourly Chart: Descending Broadening Wedge pattern: Where the wedge shows a stronger bearish tendency there’s a significantly higher probability that the market will continue to trend downwards for some time as the wedge grows. So before trading the pattern it’s a good idea to use some pointers to try to gauge the market sentiment and which way the trend is likely to unfold. (2) Weekly Chart: Tendenci to correct 3 weeks in a row: Conclusion: pullback to trend line is very likely, waiting for the reaction is the best choice in my opinion. Moshkelgosha Reference Article: 1- www.investopedia.com 2- forexop.com
TVC:IXIC
by Moshkelgosha
Market Week in Review - 8/16/2021 - 8/20/2021Summary: Fears of a slowing economic recovery among rising cases of the Delta variant drove investors through a volatile week in the stock market. To make things worse, the Fed meeting minutes indicated that tapering could begin within this year. Despite the bad news, investors stuck with equities but rotated into defensive sectors. Notes The 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. I occasionally have some errors or typos and will correct them in my blog or 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. 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 "View on the Week." 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, August 16, 2021 Facts: -0.20%, Volume lower, Closing range: 100%, Body: 12% Good: Volume lower on retreat, high closing range Bad: Long lower wick pierced through 21d EMA Highs/Lows: Lower high, lower low Candle: Hanging man, small body above long lower wick within uptrend Advanced/Decline: 0.31, more than three declining stocks for every advancing stock Indexes: SPX (+0.26%), DJI (+0.31%), RUT (-0.89%), VIX (+4.20%) Sectors: Health (XLV +1.14%) and Utilities (XLU +0.61%) at the top. Materials (XLB -0.50%) and Energy (XLE -1.84%) at the bottom. Expectation: Sideways or Lower Investors sold off equities in the morning and then seemingly decided there was nowhere else to put the money and bought back assets in the afternoon. Money moved back into the market, mostly into defensive sectors, sending the S&P 500 and Dow Jones Industrial (DJI) to another set of records. The Nasdaq closed with a decline of -0.20% after dipping more than 1.4% in the morning. Volume was lower than the previous day. The thin body above a long lower wick creates a hanging man candlestick within an uptrend. The closing range of 100% shows bulls kept up the buying into close. Still, there were more than three declining stocks for every advancing stock for the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, August 17, 2021 Facts: -0.93%, Volume higher, Closing range: 63%, Body: 9% Good: Stayed above 50d MA Bad: Break down below 21d EMA on higher volume Highs/Lows: Lower high, lower low Candle: Thin red body in upper half of candle, longer lower wick Advanced/Decline: 0.32, more than three declining stocks for every advancing stock Indexes: SPX (-0.71%), DJI (-0.79%), RUT (-1.19%), VIX (+11.24%) Sectors: Health (XLV +1.18%) and Real Estate (XLRE +0.19%) at the top. Materials (XLB -1.15%) and Consumer Discretionary (XLY -2.37%) at the bottom. Expectation: Lower Disappointing retail sales data confirmed fears that the rising cases of the Delta variant are slowing down the economic recovery. That sent major indexes lower on Tuesday. Only the defensive sectors ended the day with gains. The Nasdaq closed with a -0.93% loss on higher volume than the previous day, marking a distribution day for the index. The candle has a thin red body in the upper half of the candle. The closing range is 63%, and the body only covers 9% of the candle. The lower wick is longer than the upper wick. There were more than three declining stocks for every advancing stock on the Nasdaq. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, August 18, 2021 Facts: -0.89%, Volume lower, Closing range: 5%, Body: 61% Good: Lower volume Bad: Close below the 50d MA, sell-off before close of market Highs/Lows: Lower high, lower low Candle: Large red body below short upper wick Advanced/Decline: 0.38, nearly three declining stocks for every advancing stock Indexes: SPX (-1.07%), DJI (-1.08%), RUT (-0.84%), VIX (+20.32%) Sector List: Consumer Discretionary (XLY +0.36%) and Utilities (XLU -0.51%) at the top. Health (XLV -1.52%) and Energy (XLE -2.08%) at the bottom. Expectation: Lower Stocks slid after the Fed released meeting minutes from last month, raising fears that tapering support for the economy could come earlier than previously thought. Most sectors declined, with only Consumer Discretionary holding onto a gain for the day. The Nasdaq closed with a -0.89% loss, dipping just below the 50-day moving average line. Volume was lower than the previous day. The closing range of 5% is below a 61% red body. There is a short upper wick with a very tiny lower wick. There were almost three stocks declining for every advancing stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, August 19, 2021 Facts: +0.11%, Volume higher, Closing range: 63%, Body: 63% Good: Higher volume on gain, close near the 50d MA Bad: Lower high, lower low continues downtrend Highs/Lows: Lower high, lower low Candle: No lower wick, large green body underneath upper wick Advanced/Decline: 0.28, over three declining stocks for every advancing stock Indexes: SPX (+0.13%), DJI (-0.19%), RUT (-1.22%), VIX (+0.46%) Sector List: Technology (XLK +0.98%) and Real Estate (XLRE +0.84%) at the top. Materials (XLB -0.89%) and Energy (XLE -2.60%) at the bottom. Expectation: Lower Investors grappled today with reactions to the Fed meeting minutes released late on Wednesday. The minutes showed several officials in the Fed see the possibility that a key employment goal may be met before year-end and would allow tapering to begin. The result was a dip at open followed by a volatile day as the market priced in the impact. The Nasdaq cleared a small gain for the day, advancing +0.11% and closing at the 50-day moving average line. Volume was higher than the previous day. The candle has no lower wick, a 63% green body, and a 37% upper wick. The index could not hold onto the gains from the morning rally. Despite the slight increase, there were more than three declining stocks for every advancing stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, August 20, 2021 Facts: +1.19%, Volume lower, Closing Range: 95%, Body: 95% Green Good: All green body, high advance/decline ratio Bad: Lower volume Highs/Lows: Higher high, Higher low Candle: Mostly green body with a tiny upper wick, low above yesterday's close Advance/Decline: 1.68, three advancing stocks for every two declining stocks Indexes: SPX (+0.81%), DJIA (+0.65%), RUT (+1.65%), VIX (-14.35%) Sector List: Technology (XLK +1.29%) and Utilities (XLU +1.25%) at the top. Energy (XLE +0.22%) and Consumer Staples (XLP +0.17%) at the bottom. Expectation: Higher The market shrugged off worries about the Fed tapering of economic support to rally higher today. While the indexes were still below recent highs, the day was an excellent structural day, with gains shared broadly across the market. The Nasdaq closed +1.19% higher. Volume was lower than the previous day. The candle is almost entirely green body, with a short upper wick. The closing range of 95% and 95% body creates the second candle in a row with no lower wick. The index closed back above its 21d EMA as three stocks advanced for every two that declined. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- View on the Week www.tradingview.com Fears of a slowing economic recovery among rising cases of the Delta variant drove investors through a volatile week in the stock market. To make things worse, the Fed meeting minutes indicated that tapering could begin within this year. Despite the bad news, investors stuck with equities but rotated into defensive sectors. It opened on Monday with news of China retail sales falling much lower than expected. That sent indexes lower on Monday before prices recovered from the shocking news. Despite the dip, the S&P 500 and Dow Jones Industrial Average had another record close for the day. The bounce was short-lived. Tuesday brought the US Retail Sales data, which also came in lower than expected. That turned many bulls into bears, and the indexes moved lower and with higher volume. The Nasdaq closed below its 21d exponential moving average line. It seemed all was clear on Wednesday as buyers came back into the market, but then the Fed released meeting minutes in the afternoon that reversed the dip-buying. The Fed's minutes showed several Fed officials believed that tapering could start this year as key economic recovery goals were being met. The index sold off to close below its 50d moving average line. The selling resulted in a gap down at open on Thursday, but the sudden drop below 14,500 seemed enough to get investors back into the game, and the opening price became the low of the day. The rally took the Nasdaq back above its 50d moving average but then faded to close below. Given the fade and the lower high and lower low for the day, the expectation was still for the Nasdaq to move lower on Friday. That did not happen. Instead, the index opened above the 50d moving average and rose the entire day to close above its 21d exponential moving average. There were more advancing stocks than declining stocks, and all sectors gained. That was an excellent structural day to end the week. The rally on Friday could be because the Fed's Robert Kaplan, who is influential among the group, changed his tone toward tapering, stating that the Delta variant was concerning and may have a prolonged impact on the economy. The rally may also have been because of the monthly options expiration. Or it may just be more speculative dip-buying. We won't know until next week when the market can decide where it goes next. The Nasdaq declined -0.73% for the week. Volume was lower than the previous week. The closing range is 78%. Three weeks of long lower wicks show the presence of sellers as the index is at all-time highs. The S&P 500 (SPX) declined -0.59%. The Dow Jones Industrial Average (DJI) lost -1.11%. The Russell 2000 (RUT) fell -2.50% for the week. The VIX volatility index rose 60% mid-week but closed the week at a +19.99% gain. Defensive sectors led throughout this week as the Market absorbed data that showed a slowing economic recovery and meeting minutes from the Fed that indicated tapering could begin this year. Utilities ( XLU ) and Health Care ( XLV ) exchanged the lead several times, and the finish was close. Utilities became a favorite place for investors to keep money in equities while taking a defensive stance toward the economy. Health Care also did well as the world watches another wave of the pandemic brought on by the Delta variant of COVID. Technology ( XLK ) also mixed in with the defensive sectors at the top of the list. Big tech seems to be another safe play for equity investors, with Microsoft ( MSFT ), Apple ( AAPL ), and Alphabet ( GOOGL ) all turning in strong financials and appear resilient to new waves of lockdowns. Suffering the most from fears of economic slowdown and the pandemic, Energy ( XLE ) came in the last place for the week with a huge loss of over 7%. Yields for the US 30y and 10y both declined this week while 2y Treasuries advanced. Both High Yield Corporate Bond (HYG) prices dipped, and Investment Grade Bond (LQD) prices rose for the week. Both moves were small. The US Dollar (DXY) advanced +1.01% for the week. The dollar is at its strongest in 2021. Silver (SILVER) declined -2.94%, while Gold (GOLD) advanced +0.08%. Crude Oil (CRUDEOIL1!) dropped -8.68%. Timber (WOOD) declined -3.83%. Copper (COPPER1!) declined -4.55%. Aluminum (ALI1!) declined -1.97%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Big Four Mega-caps Microsoft (MSFT) beat the market this week with a +3.93% gain, helping send the Technology sector to new highs. The other four largest mega-caps took losses. Apple (AAPL) and Alphabet (GOOGL) declined -0.61% and -0.22%. The charts of these two companies look good, remaining above their 10-week moving average. Amazon (AMZN) continues to fall back after earnings a month ago. This week is declined -2.85% and closed below its 50w moving average. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Cryptocurrency I started tracking four major cryptocurrencies on the week in review. The four are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The latter two are not the largest by market cap but seem to be well-known and are part of the CIX capital.com index, tracking five cryptocurrencies, including these four (Ripple is the fifth). Bitcoin (BTCUSD) outperformed the other cryptocurrencies this week with a +4.16% gain (time of writing). Ethereum (ETHUSD) declined -2.02%. Litecoin (LTCUSD) lost -1.01%. Bitcoin Cash (BCHUSD) fell -3.23%. Keep in mind that the US Dollar advanced 1.00% when considering these crypto prices with the USD as the denominator. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio (PCCE) ended the week at 0.760, elevated from the previous week. The CNN Fear & Greed Index moved back into Extreme Fear. The NAAIM money manager exposure index dropped to 70.57 this week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Week Ahead Monday Manufacturing and Services Purchasing Managers Index data will be available on Monday, just after the market opens. Existing Home Sales data will also be available. JD.com (JD) releases earnings on Monday. Tuesday New Home Sales will be available on Tuesday morning. API Weekly Crude Oil Stock comes after the market closes. Medtronic (MDT), Intuit (INTU), Pinduoduo (PDD), and Best Buy (BBY) are some of the earnings reports to watch for Tuesday. Wednesday Durable Goods Orders on Wednesday give another look at the pace of economic growth. Crude Oil Inventories will also be available after the market open. Higher demand would be a positive for oil and the energy sector. Salesforce.com (CRM), Snowflake (SNOW), Autodesk (ADSK), and Ehang Holdings (EH) are some of the interesting earnings reports on Wednesday. Thursday The weekly Initial Jobless Claims numbers will be available before the market opens on Thursday. An update to the Q2 GDP numbers will also be released, which are expected to be slightly higher than the previous preliminary data. Thursday's earnings reports include Dell (DELL), VMWare (VMW), Workday (WDAY), Dollar General (DG), Woolworths (WOLZY), Peloton Interactive (PTON), Dollar Tree (DLTR), Gap (GPS), and UP Fintech (TIGR). Friday There are two important sets of economic data to watch for on Friday. PCE Price Index data is a primary indicator of inflation. The data will be available before the market opens. After the market opens, attention will turn to the update for Michigan Consumer Sentiment numbers for August. The preliminary numbers two weeks ago were well below expectation. Big Lots (BIG) releases earnings on Friday morning. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bullish Side The market certainly turned more bearish this week. However, there are still some bullish signals. First, negative reactions to disappointing economic data were short-lived, and even the revelation that the Fed might start tapering economic support only had a temporary impact. The reality is there are not so many great places for investors to put money other than in equities right now. That resulted in them finding the safest bets within equities, which sent defensive sectors higher and boosted high-performing tech companies. Although there will be some impact if the Fed begins to taper, the reason for tapering is a strong economy. If jobs data shows full employment on the horizon, we should see a pickup in consumer and corporate spending. Both groups still have cash and debt to burn. That all equals growth. Inflation has shown signs of cooling off, and we'll get another look at the numbers on Friday. Although consumers are still feeling inflation at the register, there is likely oversupply across the supply chain and even into consumer homes. That extra supply could mean inflation slowing or even has a period of deflation. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bearish Side The pandemic is wearing on the consumers and the economy. With the Delta variant rising in numbers, the outlook continues to dim. Although new lockdowns in the US are likely not on the horizon, the mood for consumers is keeping people home, impacting the service sectors. Across the board, data is showing a slowing economy. Retail sales were lower than forecast. Commodities this week all moved lower. Consumer sentiment is lower than during the height of the pandemic. The Nasdaq rebound off the intra-week low to end the week with a gain on Friday. That could just be a retracement before another move downward next week. Investor sentiment is low, and any bad news may be the final straw before a more significant correction. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Key Nasdaq Levels to Watch The Nasdaq dipped below the 21d EMA and 50d MA but recovered and closed above both key moving average lines. On the positive side, the levels are: The 10d moving average is at 14,728.49. The all-time high of 14,896.47 is the level to pass and continue the bull run. The round number 15,000 is likely to be a new area of resistance. On the downside, there are a few key levels: The 21d EMA is at 14,714.66. The 50d MA is at 14,562.73. 14,423.16 is the low of the past week. 14,200 remains a critical level if the index moves downward. 14,000 has been an area of support/resistance. There is a pivot at 13,903.73, which A further pullback would likely hit the 200d moving average at 13,548.93. The index hasn't approached this line since rising above it in April 2020. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was not an easy week for investors. Economic and geopolitical bad news piled up, and the Fed meeting minutes added to the worries of tapering. Still, it seems investors are sticking to equities. As investors do not have many places to put money, that means they'll be continuously rotating within market sectors to find the best places to get returns. Expect to feel dizzy as you watch your favorite stocks churn. Good luck, stay healthy, and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/20Summary: The market shrugged off worries about the Fed tapering of economic support to rally higher today. While the indexes were still below recent highs, the day was an excellent structural day, with gains shared broadly across the market. Notes 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, August 20, 2021 Facts: +1.19%, Volume lower, Closing Range: 95%, Body: 95% Green Good: All green body, high advance/decline ratio Bad: Lower volume Highs/Lows: Higher high, Higher low Candle: Mostly green body with a tiny upper wick, low above yesterday's close Advance/Decline: 1.68, three advancing stocks for every two declining stocks Indexes: SPX (+0.81%), DJIA (+0.65%), RUT (+1.65%), VIX (-14.35%) Sector List: Technology (XLK +1.29%) and Utilities (XLU +1.25%) at the top. Energy (XLE +0.22%) and Consumer Staples (XLP +0.17%) at the bottom. Expectation: Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The market shrugged off worries about the Fed tapering of economic support to rally higher today. While the indexes were still below recent highs, the day was an excellent structural day, with gains shared broadly across the market. The Nasdaq closed +1.19% higher. Volume was lower than the previous day. The candle is almost entirely green body, with a short upper wick. The closing range of 95% and 95% body creates the second candle in a row with no lower wick. The index closed back above its 21d EMA as three stocks advanced for every two that declined. The Russell 2000 (RUT) led the indexes with a +1.65% gain. The S&P 500 (SPX) gained +0.81%, while the Dow Jones Industrial Average (DJIA) gained +0.65%. The VIX volatility index fell -14.35%. All sectors gained today. Technology (XLK +1.29%) and Utilities (XLU +1.25%) topped the sector list, giving us another day of mixed growth and defensive sectors at the top of the sector list. Energy (XLE +0.22%) had a slight gain to end a week of huge losses. Consumer Staples (XLP +0.17%) was at the bottom of the sector list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The Fed's Kaplan, who has been a proponent of an early reduction in economic support, stated this morning that he might need to change his view based on the growing concerns around the Delta variant. The US Dollar (DXY) declined -0.11%. The US 30y Treasury Yield declined while the 10y and 2y Treasury Yields advanced. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced. Silver (SILVER) declined while and Gold (GOLD) advanced. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) advanced. Copper (COPPER1!) and Aluminum (ALI1!) advanced. Bitcoin (BTCUSD) advanced +5.11%. Ethereum (ETHUSD) advanced +2.58%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Microsoft (MSFT) topped the largest four mega-caps with a gap up and huge +2.56% gain today that took the stock past 300 for the first time. Apple (AAPL) gained +1.02%. Alphabet (GOOGL) rose +1.29%. Both are riding support from their 21d EMA. Amazon (AMZN) advanced +0.38% but remained below its 200d MA as the 50d MA starts to turn over to a decline. Nvidia (NVDA) topped the mega-cap list with a 5.14% gain. The company was followed by Microsoft, Home Depot (HD), and Cisco (CSCO) to round out the top four. At the bottom of the list were Toyota Motor, Taiwan Semiconductor (TSM), Alibaba (BABA), and Intel (INTC). Growth stocks were back in action today. Top performers in the daily update growth list included Ehang Holding (EH), Nvidia, FUTU Holding (FUTU), and Fastly (FSLY), all gaining more than 4%. There were a handful of losers, with Chewy (CHWY), Sea Limited (SE), Snowflake (SNOW), and Robinhood (HOOD) all declining more than 3%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped to 0.740. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index remained in extreme fear. The NAAIM money manager exposure index dropped to 70.57 this week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Manufacturing and Services Purchasing Managers Index data will be available on Monday, just after the market opens. Existing Home Sales data will also be available. JD.com (JD) releases earnings on Monday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq closed back above the 21d EMA today. The one-day trend line points to a +0.46% gain for Monday. The five-day trend line ends with a -0.97% decline. The trend line from the 8/5 high points to a -0.97% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It was a solid green day with broad gains shared across the market and small-caps leading the way higher. That all feels bullish. The only thing missing from today was higher volume. As Microsoft (MSFT) made new all-time highs, helping the Technology sector lead for the day, investors also became cautious, turning to the Utilities (XLU) sector for defense. Based on the low that's above yesterday's close, the expectation is for Higher on Monday. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/19Summary: Investors grappled today with reactions to the Fed meeting minutes released late on Wednesday. The minutes showed several officials in the Fed see the possibility that a key employment goal may be met before year-end and would allow tapering to begin. The result was a dip at open followed by a volatile day as the market priced in the impact. Notes 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, August 19, 2021 Facts: +0.11%, Volume higher, Closing range: 63%, Body: 63% Good: Higher volume on gain, close near the 50d MA Bad: Lower high, lower low continues downtrend Highs/Lows: Lower high, lower low Candle: No lower wick, large green body underneath upper wick Advanced/Decline: 0.28, over three declining stocks for every advancing stock Indexes: SPX (+0.13%), DJI (-0.19%), RUT (-1.22%), VIX (+0.46%) Sector List: Technology (XLK +0.98%) and Real Estate (XLRE +0.84%) at the top. Materials (XLB -0.89%) and Energy (XLE -2.60%) at the bottom. Expectation: Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors grappled today with reactions to the Fed meeting minutes released late on Wednesday. The minutes showed several officials in the Fed see the possibility that a key employment goal may be met before year-end and would allow tapering to begin. The result was a dip at open followed by a volatile day as the market priced in the impact. The Nasdaq cleared a small gain for the day, advancing +0.11% and closing at the 50-day moving average line. Volume was higher than the previous day. The candle has no lower wick, a 63% green body, and a 37% upper wick. The index could not hold onto the gains from the morning rally. Despite the slight increase, there were more than three declining stocks for every advancing stock. The S&P 500 (SPX) gained +0.13%, helped by gains in big tech. The Dow Jones Industrial Average (DJI) lost -0.19%. The Russell 2000 (RUT) fell -1.22%. The RUT closed above the lower support of a trading range it's been within since February. The VIX volatility index rose +0.46%. Technology (XLK +0.98%) topped the sector list today, followed by the defensive sectors. The mega-caps helped drive the gains in Technology. Real Estate (XLRE +0.84%) was the second-best sector, followed by the other defensive sectors. Materials (XLB -0.89%) and Energy (XLE -2.60%) were at the bottom, along with the other cyclical sectors. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Initial Jobless Claims came in better than expected, while Continue Jobless Claims was slightly higher than expected. The Philly Fed Manufacturing Index was lower than forecast, indicating a slowdown in demand. The US Dollar (DXY) strengthened by +0.44%, setting a high for this year. The US 30y and 10y Treasury Yields declined while the 2y Treasury Yield rose. High Yield Corporate Bond (HYG) declined, and Investment Grade Corporate Bond (LQD) prices advanced. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) advanced +4.74%. Ethereum (ETHUSD) advanced +5.35%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Three of the four largest mega-caps gained for the day. Microsoft (MSFT) had the most significant gain, advancing +2.08% to a new all-time high and helping carry the Technology sector higher. Apple (AAPL) and Alphabet (GOOGL) gained +0.23% and +0.17%, closing at or above their 21d EMA. Amazon (AMZN) continues to sink with a -0.42% loss for today. Netflix (NFLX), Nvidia (NVDA), Cisco (CSCO), and United Health (UNH) were the top mega-caps today. Tesla (TSLA), Exxon Mobil (XOM), Toyota Motor (TM ), and Alibaba (BABA) were the worst-performing mega-caps. Nvidia, Zynga (ZNGA), CloudFlare (NET), and Zscaler (ZS) were the top stocks in the daily update growth list. The Chinese stocks in the list dominated the bottom, with Alibaba (BABA), FUTU Holdings (FUTU), Ehang Holdings (EH), and UP Fintech (TIGR) all having significant losses. Robinhood (HOOD) is also in the bottom four with over a 10% loss today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to .832. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index moved back into extreme fear. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There is not much economic news scheduled for Friday. It is a monthly options expiration day. Deere & Company (DE), Foot Locker (FL), and Buckle (BKE) are a few earnings reports to watch on a light day for earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq opened below 14,500 before recovering in the morning, retested the support area, and closed just under the 50d moving average line. The one-day trend line points to a +0.62% gain for Friday. The trend line from the 8/5 high points to a +0.16% gain tomorrow. The five-day trend line ends with a -0.50% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Fears of early tapering and a slowing economy both weighed on investors today. The large mega-caps are helping to keep indexes up right now. Two of the largest (AAPL, GOOGL) are testing support areas, while the third (AMZN) is breaking down further. If these mega-caps start distributing, it could mean a more significant pullback or a correction for the Nasdaq. Also, keep an eye on the Russell 2000. The Index has been range-bound since February and closed just above the lower support area today. It could be the time for a turn higher, or things will get much worse if that lower support area fails. The trend for the Nasdaq continues downward with a lower low and lower high today. Expectation for tomorrow remains at Lower. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/18Summary: Stocks slid after the Fed release meeting minutes from last month, raising fears that tapering support for the economy could come earlier than previously thought. Most sectors declined, with only Consumer Discretionary holding onto a gain for the day. Notes 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, August 18, 2021 Facts: -0.89%, Volume lower, Closing range: 5%, Body: 61% Good: Lower volume Bad: Close below the 50d MA, sell-off before close of market Highs/Lows: Lower high, lower low Candle: Large red body below short upper wick Advanced/Decline: 0.38, nearly three declining stocks for every advancing stock Indexes: SPX (-1.07%), DJI (-1.08%), RUT (-0.84%), VIX (+20.32%) Sector List: Consumer Discretionary (XLY +0.36%) and Utilities (XLU -0.51%) at the top. Health (XLV -1.52%) and Energy (XLE -2.08%) at the bottom. Expectation: Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Stocks slid after the Fed release meeting minutes from last month, raising fears that tapering support for the economy could come earlier than previously thought. Most sectors declined, with only Consumer Discretionary holding onto a gain for the day. The Nasdaq closed with a -0.89% loss, dipping just below the 50-day moving average line. Volume was lower than the previous day. The closing range of 5% is below a 61% red body. There is a short upper wick with a very tiny lower wick. There were almost three stocks declining for every advancing stock. The S&P 500 (SPX) declined -1.07%. The Dow Jones Industrial Average (DJI) lost -1.08%. The Russell 2000 (RUT) was down -0.84% at the end of the day. The VIX volatility index rose +20.32%. Consumer Discretionary (XLY +0.36%) was the only sector to gain for the day but was significantly lower at close than where it was early in the day. Utilities (XLU -0.51%) was the next best sector for the day. Health (XLV -1.52%) and Energy (XLE -2.08%) were the worst two sectors. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Building Permits data was higher than expected, while Housing Starts was a bit lower than expected. Crude Oil Inventories showed more demand than forecast. The Fed Meeting Minutes from last month mentioned that employment might recover within this year to the required level to begin removing economic support. The US Dollar (DXY) advanced +0.03%. The dollar fell sharply after the Fed minutes but recovered most of the loss. The US 30y and 10y Treasury Yields declined while the 2y Treasury Yield remained about the same. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined. Silver (SILVER) declined. Gold (GOLD) advanced slightly. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) declined -0.24%. Ethereum (ETHUSD) declined -0.14%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four of the largest mega-caps declined. Apple (AAPL) fell -2.55% to close below its 21d EMA. Microsoft (MSFT) and Alphabet (GOOGL) declined -0.80% and -0.89% but remained above the key moving average lines. Amazon (AMZN) lost -1.26%, moving farther below -1.26%. Tesla (TSLA) topped the mega-cap list today after being at the bottom of the list for the start of the week. Including Tesla, only four mega-caps gained for the day. The other three were Salesforce.com (CRM), Netflix (NFLX), and Home Depot (HD). Nvidia (NVDA), Pfizer (PFE), Oracle (ORCL), and Apple were at the bottom of the mega-cap list. Robinhood (HOOD), Palantir (PTR), UP Fintech (TIGR), and FUTU Holding (FUTU) were at the top of the daily update growth list, which surprisingly at quite a few gainers. Peloton (PTON), Cloudflare (NET), Roku (ROKU), and Pinterest (PINS) were the biggest losers in the list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped to 0.622. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index moved back into extreme fear. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Initial Jobless Claims data will be available on Thursday morning. We'll also get the Philadelphia Manufacturing Index on Thursday. Last month, the New York and Philadelphia indexes showed different readings on manufacturing activity. Applied Materials (AMAT), Estee Lauder (EL), Ross Stores (ROST), Farfetch (FTCH), Kohls (KSS), and Macy's (M) are some of the earnings reports for Thursday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq closed just under the 50d moving average line. The trend line from the 8/5 high points to a sideways move with a +0.62% gain tomorrow. The one-day and five-day trend lines end with a +0.29% advance. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up I doubt the content of the Fed meeting minutes was much of a surprise to most. However, it did become the catalyst that finally brought some selling momentum that seemed to be building the past week. Let's see if that was enough to get the bearishness out of the system. Based on the chart, the expectation remains Lower until the market gives us some reason to expect something different. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/17Summary: Disappointing retail sales data confirmed fears that the rising cases of the Delta variant are slowing down the economic recovery. That sent major indexes lower on Tuesday. Notes 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, August 17, 2021 Facts: -0.93%, Volume higher, Closing range: 63%, Body: 9% Good: Stayed above 50d MA Bad: Break down below 21d EMA on higher volume Highs/Lows: Lower high, lower low Candle: Thin red body in upper half of candle, longer lower wick Advanced/Decline: 0.32, more than three declining stocks for every advancing stock Indexes: SPX (-0.71%), DJI (-0.79%), RUT (-1.19%), VIX (+11.24%) Sectors: Health (XLV +1.18%) and Real Estate (XLRE +0.19%) at the top. Materials (XLB -1.15%) and Consumer Discretionary (XLY -2.37%) at the bottom. Expectation: Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Disappointing retail sales data confirmed fears that the rising cases of the Delta variant are slowing down the economic recovery. That sent major indexes lower on Tuesday. The Nasdaq closed with a -0.93% loss on higher volume than the previous day. It was a distribution day as only the defensive sectors ended the day with gains. The candle has a thin red body in the upper half of the candle. The closing range is 63%, and the body only covers 9% of the candle. The lower wick is longer than the upper wick. There were more than three declining stocks for every advancing stock on the Nasdaq. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) broke a multi-day winning streak, declining -0.71% and -0.79% today. The Russell 2000 (RUT) lost -1.19%. The VIX volatility index rose +11.24%. The defensive sectors topped the sector list for the third day. Health (XLV +1.18%) and Real Estate (XLRE +0.19%) were the best sectors of the day. Only the four defensive sectors gained for the day. At the bottom of the sector list are Materials (XLB -1.15%) and Consumer Discretionary (XLY -2.37%). The poor performance for Consumer Discretionary comes after dismal retail sales data in the morning. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Retail Sales data for July showed negative month-over-month growth. The expectation was for sales to fall, but not at such a large amount. Industrial Production was up more than expected. Fed Chair Jerome Powell made public comments today, expressing concern over the Delta variant's impact on the economy. The US Dollar (DXY) advanced +0.56%. The US 30y and 10y Treasury Yields declined while the 2y Treasury Yield rose. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) declined -2.51%. Ethereum (ETHUSD) declined -3.87%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four of the largest mega-caps declined today. Amazon (AMZN) has the most concerning chart, closing below its 200d moving average. The other three are trading above moving averages and continue to show an uptrend. Microsoft (MSFT) declined -0.52%, Apple (AAPL) fell -0.62%, and Alphabet (GOOGL) lost -1.19%. The top four mega-caps were all health-related. Pfizer (PFE), Novo Nordisk (NVO), United Health (UNH), and AbbVie (ABBV) were the top four, all gaining more than 1%. At the bottom of the list are Tesla (TSLA), Taiwan Semiconductor (TSM), Home Depot (HD), and Alibaba (BABA). Sea Limited (SE), Peloton (PTON), Fastly (FSLY), and Etsy (ETSY) were the top gainers in the daily update growth list today. GrowGeneration (GRWG), UP Fintech (TIGR), Lemonade (LMND), and Alibaba (BABA) are at the bottom of the list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to 0.753. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index slipped back into the fear range. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Wednesday's economic data include Building Permits and Housing Starts before the market opens. After the market opens, we'll get an update on Crude Oil Inventories. The Fed will release last month's meeting minutes in the afternoon. Tencent (TCEHY), Nvidia (NVDA), Cisco (CSCO), Lowe's (LOW), Target (TGT), TJX (TJX), Synopsys (SNPS), and Bath Body Works (BBWI) are some of the earnings reports for Wednesday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq closed below the 21d EMA today but stayed above the 50d MA. The trend line from the 8/5 high points to a sideways move with a +0.01% gain tomorrow. The five-day trend line ends with a -0.12% decline. The one-day trend line points to a -0.74% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Retail Sales data confirmed fears that economic activity is slowing, as consumer sentiment data warned last week. On the other hand, Walmart reported strong revenue growth for the quarter and stated that the Delta variant isn't having any meaningful impact on business. The distribution day should bring some caution to the investor. Without some bullish news, we could see more pullback before investors start to buy the dip. The expectation for tomorrow is for Lower. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
☘️ NASDAQ Timeline - What's Next? 🎬🍿Well, to begin with we have posted this idea as LONG, which means we don't expect any crash to happen in the following months. Money is being printed by the tons, the younger generation gets to invest from an earlier point in life (not just crypto) and the mighty Nasdaq is a symbol of how Technology will rule the World. Low rates and printing, benefit the stock markets. If interest rates will finally rise the chances of a correction will increase. Until then, let the party go ON. Remember our earlier projection is going as per plan: Nevertheless, take a look at our little informative chart art and let us know if you like it. What's next? One love, the FXPROFESSOR
NASDAQ:IXICLong
by FX_Professor
11
Daily Market Update for 8/16Summary: Investors sold off equities in the morning and then seemingly decided there was nowhere else to put the money and bought back assets in the afternoon. Capital moved back into the market, mostly into defensive sectors, sending the S&P 500 and Dow Jones Industrial (DJI) to another set of records. Notes 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, August 16, 2021 Facts: -0.20%, Volume lower, Closing range: 100%, Body: 12% Good: Volume lower on retreat, high closing range Bad: Long lower wick pierced through 21d EMA Highs/Lows: Lower high, lower low Candle: Hanging man, small body above long lower wick within uptrend Advanced/Decline: 0.31, more than three declining stocks for every advancing stock Indexes: SPX (+0.26%), DJI (+0.31%), RUT (-0.89%), VIX (+4.20%) Sectors: Health (XLV +1.14%) and Utilities (XLU +0.61%) at the top. Materials (XLB -0.50%) and Energy (XLE -1.84%) at the bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Investors sold off equities in the morning and then seemingly decided there was nowhere else to put the money and bought back assets in the afternoon. Capital moved back into the market, mostly into defensive sectors, sending the S&P 500 and Dow Jones Industrial (DJI) to another set of records. The Nasdaq closed with a decline of -0.20% after dipping more than 1.4% in the morning. Volume was lower than the previous day. The thin body above a long lower wick creates a hanging man candlestick within an uptrend. The closing range of 100% shows bulls kept up the buying into close. Still, there were more than three declining stocks for every advancing stock for the day. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) had their fifth consecutive record close day. The S&P 500 gained +0.26% while the Dow Jones advanced +0.31%. The Russell 2000 (RUT) declined -0.89% The VIX volatility index advanced +4.20%. The defensive sectors topped the sector list again today. Health (XLV +1.14%) and Utilities (XLU +0.61%) were the best sectors of the day. At the bottom of the sector list are Materials (XLB -0.50%) and Energy (XLE -1.84%). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The NY Empire State Manufacturing Index came in much lower than expected, showing a slowdown in US manufacturing activity. The more important data came from China which showed a considerable slowdown in Retail Sales and Industrial Production. The US Dollar (DXY) advanced +0.10%. The US 30y and 10y Treasury Yields declined while the 2y Treasury Yield rose. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced another day. Silver (SILVER) and Gold (GOLD) advanced. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) declined, and Aluminum (ALI1!) advanced. Bitcoin (BTCUSD) declined -2.09%. Ethereum (ETHUSD) declined -4.57%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four of the largest mega-caps gained today, helping bring the indexes back from the morning dip. Apple (AAPL) advanced +1.35%. Microsoft (MSFT) rose +0.60%. Alphabet (GOOGL) gained +0.42%. Amazon (AMZN) dipped below its 200d moving average line but recovered to gain +0.15% by the end of the day. Eli Lilly (LLY), United Health (UNH), Thermo Fisher Scientific (TMO), and AbbVie (ABBV) were the top mega-caps for the day, all gaining over 1.5%. Tesla (TSLA) was at the bottom of the list with a -4.32% decline after the US opened a safety investigation into their Autopilot system. Also at the bottom of the mega-cap list are Alibaba (BABA), Wells Fargo (WFC), and Exxon Mobil (XOM). Only a handful of stocks in the daily update growth list gained for the day. Top gainers were PayCom (PAYC), PayPal (PYPL), Facebook (FB), and D.R. Horton (DHI). The biggest losers included Chinese stocks NIO (NIO), Up Fintech (TIGR), and FUTU Holdings (FUTU). Robinhood (HOOD) also joins that list, with all of them losing over 5% today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to 0.671. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index moved to Neutral, despite the selling and defensive plays today. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Tuesday brings several bits of economic data. US Retail Sales data and Industrial Production data are available before the market opens. Business Inventories and Retail Inventories become available after the market opens. The Fed's Jerome Powell is scheduled to speak in the early afternoon. Adding to the Retail economic data, Walmart (WMT), Home Depot (HD), and Sea Limited (SE) have earnings reports in the morning. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq pierced the 21d EMA today but then rallied to close above the key moving average line. The one-day regression trend line points to a gain since most of the day is an uptrend after the morning dip. The trend-line ends with a +0.77% gain for Tuesday. The trend from the 7/19 low points to a +0.64% gain. The five-day trend line ends with a -0.34% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The economic data from China turned the market to a bearish mood this morning. But that mood didn't last long as investors bought the dip, putting money into defensive sectors and big tech. There is still some fear in the market. However, there are not many places for investors to put money other than equities, and it happens that there is a lot of money to be put somewhere these days. The hanging man candlestick within an uptrend signals a possible move lower. Combined with the doji star on Friday, the expectation is for Sideways or Lower tomorrow. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
2
Market Week in Review - 8/9/2021 - 8/13/2021Summary: The S&P 500 and Dow Jones set new records this week while the Nasdaq struggled with a rotation and indecision from investors. Small caps took a step back while value stocks marched forward. Notes The 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. I occasionally have some errors or typos and will correct them in my blog or 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. 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 "View on the Week." 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, August 9, 2021 Facts: +0.16%, Volume lower, Closing range: 71%, Body: 5% Good: Higher low, small gain on otherwise cautious day Bad: Lower high, indecisive day Highs/Lows: Lower high, higher low Candle: Another inside day, indecisive candle with thin body in the upper half Advanced/Decline: 0.67, three declining stocks for every advancing stock Indexes: SPX (-0.09%), DJI (-0.30%), RUT (-0.58%), VIX (+3.53%) Sectors: Health (XLV +0.38%) and Consumer Staples (XLP +0.37%) at the top. Real Estate (XLRE -0.45%) and Energy (XLY -1.41%) at the bottom. Expectation: Sideways It was another inside day for the Nasdaq as the market entered the week with caution. The Delta variant of the virus continues to rise while strong employment data is turning the Fed toward more tapering discussion. The combination drove the dollar higher and Treasury prices lower. The Nasdaq ended the day with a small advance, gaining +0.16%. The thin 5% body is in the upper half of the candle which has a lower high and higher high than the previous day. That's the second inside day in a row as the market consolidates before choosing a direction. The closing range of 71% is a positive but there were three declining stocks for every two advancing stocks. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, August 10, 2021 Facts: -0.49%, Volume lower, Closing range: 24%, Body: 71% Good: Higher high, lower volume on decline Bad: Lower low, low closing range Highs/Lows: Higher high, lower low Candle: Outside day made of mostly selling after the morning high. Advanced/Decline: 0.66, three declining stocks for every advancing stock Indexes: SPX (+0.10%), DJI (+0.46%), RUT (+0.20%), VIX (+0.42%) Sectors: Energy (XLE +1.76%) and Materials (XLB +1.51%) at the top. Technology (XLK -0.72%) and Real Estate (XLRE -1.07%) at the bottom. Expectation: Sideways or Lower Value stocks were in the spotlight today after the passing of the infrastructure bill in the Senate initiated a rotation into cyclical sectors. The result was new record closes for the Dow Jones and S&P 500. The Nasdaq closed with a -0.49% loss for the day. Volume was lower than the previous day. Three stocks declined for every two advancing stocks. The index attempted a rally in the morning but sold off quickly, resulting in a 71% red body and 24% closing range. The lower wick is longer than the upper wick. The higher high and lower low create an outside day following two inside days. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, August 11, 2021 Facts: -0.16%, Volume higher, Closing range: 48%, Body: 46% Good: Support at 21d EMA, rally after support creates longer lower wick Bad: Lower high, morning selling after hitting intraday high Highs/Lows: Lower high, lower low Candle: Red body covers upper half of candle, long lower wick covers lower half. Advanced/Decline: 0.83, more declining stocks than advancing stocks Indexes: SPX (+0.25%), DJI (+0.62%), RUT (+0.49%), VIX (-4.35%) Sectors: Materials (XLB +1.41%) and Industrials (XLI +1.30%) at the top. Technology (XLK +0.01%) and Health (XLV -0.99%) at the bottom. Expectation: Sideways or Lower Recovery and value stocks helped send the S&P 500 and Dow Jones to yet another record close on the day after the Infrastructure bill made it through the Senate. The Nasdaq closed with a loss of -0.16%. Volume was slightly higher than the previous day. The index opened up with a short rally to the intraday high and then sold off through the morning until getting support at the 21d exponential moving average before moving higher. The action created a long lower wick underneath a 46% red body and resulted in a 48% closing range. There were more declining stocks than advancing stocks on the growth-heavy Nasdaq. Beyond the Nasdaq, there were far more advancing stocks than declining stocks in the US markets. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, August 12, 2021 Facts: +0.35%, Volume higher, Closing range: 94%, Body: 52% Good: Another test with support at 21d EMA, green body over long lower wick Bad: Low A/D ratio, lower high Highs/Lows: Lower high, higher low Candle: Inside day, green body covers upper half of the candle. Advanced/Decline: 0.49, two declining stocks for every advancing stock Indexes: SPX (+0.30%), DJI (+0.04%), RUT (-0.28%), VIX (-3.05%) Sectors: Health (XLV +0.79%) and Technology (XLK +0.57%) at the top. Materials (XLB -0.16%) and Industrials (XLI -0.10%) at the bottom. Expectation: Sideways Jobs data helped boost the markets to more records today with big tech helping lead the way higher. The S&P 500 and Dow Jones Industrial Average both closed at record highs for the third day in a row. The Nasdaq finished the day with a +0.35% gain on slightly higher volume than the previous day. The index declined after open but found support at the 21d exponential moving average line and moved higher the rest of the day. The 52% green body covers the upper half of the candle. The rally in the afternoon resulted in a 94% closing range. A lower high and higher low, marks another inside day for the Nasdaq. There were two declining stocks for every advancing stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, August 13, 2021 Facts: +0.04%, Volume higher, Closing range: 48%, Body: 4% Good: Higher high, higher low Bad: Very low A/D ratio, couldn't hold intraday high Highs/Lows: Higher high, higher low Candle: Indecisive doji star candle with thin red body Advanced/Decline: 0.36, almost three declining stocks for every advancing stock Indexes: SPX (+0.16%), DJI (+0.04%), RUT (-0.93%), VIX (-0.77%) Sectors: Consumer Staples (XLP +0.83%) at Utilities (XLU +0.70%) at the top. Financials (XLF -0.75%) and Energy (XLE -1.18%) at the bottom. Expectation: Sideways Consumer Sentiment data released this morning was lower than during the height of the pandemic, signaling the public is exhausted from wave after wave of COVID cases. The market didn't overreact to the surprisingly low data, but caution was present with yields dropping and sectors used as defensive investments soaring. The Nasdaq closed with a slight +0.04% gain. Volume was a bit higher than the previous day. The doji star candle has a small thin body sitting in the middle of two equal-length wicks. The candle shows indecision and is often a bearish reversal in an uptrend. There were almost three declining stocks for every advancing stock. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- View on the Week The S&P 500 and Dow Jones set new records this week while the Nasdaq struggled with a rotation and indecision from investors. Small caps took a step back while value stocks marched forward. The week opened with caution triggered by rising cases of the Delta variant and more reports of full hospital beds around the United States. The result wasn't terrible for the indexes, possibly propped up by a positive jobs report. However, investors focused on defensive sectors for the day. The Infrastructure Bill passing the Senate on Tuesday was the pivotal moment for the week. That set off a two-day rotation back into value and recovery stocks and sent the cyclical sectors to the top of the sector list. It also kicked off four consecutive days of record closes for the S&P 500 and Dow Jones. Throughout the week, investors balanced worries about the pandemic with positive economic news. Employment data continues to be strong. Inflation is still high but not out of control. The Fed could start tapering earlier than expected. However, that didn't seem a concern during Wednesday's 10-year Treasury Note auction, which showed strong demand. The earnings season continued with primarily positive reports. Just as last week, the reactions to positive and negative earnings news were oversized. Upstart (UPST) soared 45% in three days after earnings. Unity Software (U) rose 20% in three days. Opendoor (OPEN) rose 20% after earnings. On the other hand, Digital Turbine (APPS) lost 6% the day after earnings. Cannabis supply company GrowGeneration (GRWG) sank 30% over the two days after earnings. The rotation snapped back toward big tech on Thursday, but the rally for the Nasdaq dampened on Friday after surprisingly low consumer sentiment data. The data was lower than last summer and at its lowest point in the past ten years. That pushed investors back into Treasuries and defensive sectors heading into the weekend. The Nasdaq declined -0.09% for the week. Volume was lower than the previous week. The closing range of 65% is good as the index successfully tested support at the 21d exponential moving average line twice during the week. On the daily chart, I adjusted a rising wedge that is heading toward 15,000 resistance. As volatility gets tighter approaching the tip of the wedge, the index may break out of the pattern higher, or it may break to the downside. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) closed the week at new records with +0.71% and +0.87% gains. The Russell 2000 (RUT) declined -1.10% for the week. The VIX volatility declined -4.33% for the week. Materials ( XLB ) led the sector list for the week, getting a massive boost on Tuesday and Wednesday after the Infrastructure bill passed the Senate. Industrials ( XLI ) also got a boost from the bill. Financials ( XLF ) contented for the top spot, gaining from rising Treasury yields that positively impact performance for the sector. However, yields dropped on Friday, and the sector dropped back to third place. The defensive sectors of Consumer Staples ( XLP ) and Utilities ( XLU ) also ended the week near the top of the list, signaling caution throughout the week as investors worry about rising cases of COVID in the US and around the world. Energy ( XLE ) had a few good days but ended the week in the last place. Yields for the US 30y, 10y, and 2y Treasuries all declined for the week. The gap tightened a bit after last week's rise in long-term yields. Both High Yield Corporate Bond (HYG) and Investment Grade Bond (LQD) prices rose. The US Dollar (DXY) declined -0.28% for the week. The dollar gained throughout the week but fell sharply on Friday after the terrible consumer sentiment data. Silver (SILVER) declined -2.46%, while Gold (GOLD) advanced +0.94%. Crude Oil (CRUDEOIL1!) declined -0.29%. Timber (WOOD) advanced +2.42%. Copper (COPPER1!) advanced +0.12%. Aluminum (ALI1!) advanced +0.64%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Big Four Mega-caps Apple (AAPL), Alphabet (GOOGL), and Microsoft (MSFT) all had record weekly closes. Apple rose +2.03% for the week. Alphabet (GOOGL) advanced +1.47%. Microsoft gained +1.17%. Amazon (AMZN) was the only of the largest four mega-caps to lose for the week, declining -1.52% and still testing support at its 40-week moving average line. -=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. All four declined for the week as concerns over the Delta variant continue to rise. Marriott (MAR) had the most significant loss, moving down -5.09% and closing below the 10-week and 40-week moving average lines. Carnival Cruise Lines (CCL) and Delta Airlines (DAL) declined -0.95% and -1.04% for the week. Exxon Mobil (XOM) lost -1.88%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Cryptocurrency I started tracking four major cryptocurrencies on the week in review. The four are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The latter two are not the largest by market cap but seem to be well-known and are part of the CIX capital.com index, tracking five cryptocurrencies, including these four (Ripple is the fifth). It was another good week for the cryptocurrencies, especially Litecoin (LTCUSD) and Bitcoin Cash (BTHUSD), attempting to catch up with the other two. Litecoin advanced +23.27%, while Bitcoin Cash rose +26.48%. Ethereum (ETHUSD) gained +9.85%. Bitcoin (BTCUSD) grew +7.27%. Looking at cryptocurrencies, it's still difficult to read the signals on sentiment. The market is either favoring risk now or looking for stores of value ahead of volatility in equities. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio (PCCE) ended the week at 0.643. The CNN Fear & Greed Index moved toward neutral throughout the week but was still in the Fear range at the end of the week. The NAAIM money manager exposure index remained about the same at 97.55. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Week Ahead There are a lot of earnings reports, and I won't try to list them all here. Check your portfolio for earnings events to prevent surprises. Monday Manufacturing data from New York will be available before the market open on Monday. Roblox (RBLX), Paysafe (PSFE), Niu Tech (NIU), and Porch Group (PRCH) are a few of the interesting earnings reports for Monday. Tuesday Tuesday brings several bits of economic data. Retail Sales data and Industrial Production data are available before the market opens. Business Inventories and Retail Inventories become available after the market opens. The Fed's Jerome Powell is scheduled to speak in the early afternoon. Adding to the Retail economic data, Walmart (WMT), Home Depot (HD), and Sea Limited (SE) have earnings reports in the morning. Wednesday Wednesday's economic data include Building Permits and Housing Starts before the market opens. After the market opens, we'll get an update on Crude Oil Inventories. The Fed will release last month's meeting minutes in the afternoon. Tencent (TCEHY), Nvidia (NVDA), Cisco (CSCO), Lowe's (LOW), Target (TGT), TJX (TJX), Synopsys (SNPS), and Bath Body Works (BBWI) are some of the earnings reports for Wednesday. Thursday Initial Jobless Claims data will be available on Thursday morning. We'll also get the Philadelphia Manufacturing Index on Thursday. Last month, the New York and Philadelphia indexes showed different readings on manufacturing activity. Applied Materials (AMAT), Estee Lauder (EL), Ross Stores (ROST), Farfetch (FTCH), Kohls (KSS), and Macy's (M) are some of the earnings reports for Thursday. Friday There is not much economic news scheduled for Friday. Deere & Company (DE), Foot Locker (FL), and Buckle (BKE) are a few earnings reports to watch on a light day for earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bullish Side It's not hard to find bullish signals across the market. The S&P 500 and Dow Jones are sitting at record highs with no sign of weakness in the charts. Commodity prices show high demand for resources key to economic growth. The US Treasuries market and Corporate bond markets are both signaling confidence in US companies. For the Nasdaq, it's a bit harder to spot the bullishness since there is such a divide between companies that show strong guidance for the second half of the year and companies showing caution. Looking at the market leaders, we have bullish growth in Apple, Microsoft, Alphabet, and Facebook. And there is plenty of support for companies that continue to deliver despite the changing economic environment. Employment data shows companies continue to get back to business and are hiring workers despite the recent growth in the Delta variant of COVID. And while inflation continues to be high, it's beginning to show signs of slowing, if not pulling back a bit. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bearish Side The consumer sentiment data released on Friday is the most prominent bearish signal moving into the middle of August. The numbers were lower than last summer at the height of the pandemic. And the numbers are at their lowest in ten years. The sentiment is a reflection of how exhausted the public is with the pandemic. With cases rising again and reports of full hospitals, consumers fear the worst. Could a resurgence in the pandemic shutter the economy again? If so, does the government still have resources to support after spending so much the past year? All eyes and ears will be on the Fed's Jerome Powell as he comments on Tuesday afternoon. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Key Nasdaq Levels to Watch The Nasdaq moved sideways this week and continues to form a wedge within an uptrend as it heads toward a psychological resistance point at 15,000. On the positive side, the levels are: The high of this last week was a new all-time high at 14,896.47. That's more important than this week's high, which is just under the mark. The round number 15,000 is likely to be a new area of resistance. It is also the upper resistance line of the rising wedge. Break thru that point for another bullish run. On the downside, there are a few key levels: The 10d MA is at 14,800.63. The 21d EMA is at 14,725.27. 14,692.41 is the low of the past week. Also, a critical level for a break lower from the rising wedge. The 50d MA is at 14,489.15. 14,200 remains a critical level if the index moves downward. 14,000 has been an area of support/resistance. There is a pivot at 13,903.73, which A further pullback would likely hit the 200d moving average at 13,447.36. The index hasn't approached this line since rising above it in April 2020. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Last week we questioned where the market wanted to move next. For the S&P 500 and Dow Jones, the answer was higher. For the Nasdaq, the answer was not sure. That uncertainty showed at the end of the week as well. Friday's daily candle is a bearish doji style candle that marks indecision and a possible reversal from an uptrend. There are both bulls and bears presenting a solid case right now. Keep an eye on your portfolio and make sure stops are up to day just in case things turn bearish. Also, watch out for any earnings events as the reactions have been severe to any bad news. Good luck, stay healthy, and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/13Summary: Consumer Sentiment data released this morning was lower than during the height of the pandemic, signaling the public is exhausted from wave after wave of COVID cases. The market didn't overreact to the surprisingly low data, but caution was present with yields dropping and sectors used as defensive investments soaring. Notes 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, August 13, 2021 Facts: +0.04%, Volume higher, Closing range: 48%, Body: 4% Good: Higher high, higher low Bad: Very low A/D ratio, couldn't hold intraday high Highs/Lows: Higher high, higher low Candle: Indecisive doji star candle with thin red body Advanced/Decline: 0.36, almost three declining stocks for every advancing stock Indexes: SPX (+0.16%), DJI (+0.04%), RUT (-0.93%), VIX (-0.77%) Sectors: Consumer Staples (XLP +0.83%) at Utilities (XLU +0.70%) at the top. Financials (XLF -0.75%) and Energy (XLE -1.18%) at the bottom. Expectation: Sideways -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Consumer Sentiment data released this morning was lower than during the height of the pandemic, signaling the public is exhausted from wave after wave of COVID cases. The market didn't overreact to the surprisingly low data, but caution was present with yields dropping and sectors used as defensive investments soaring. The Nasdaq closed with a slight +0.04% gain. Volume was a bit higher than the previous day. The doji star candle has a small thin body sitting in the middle of two equal-length wicks. The candle shows indecision and is often a bearish reversal in an uptrend. There were almost three declining stocks for every advancing stock. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) could still close with another set of records. The S&P 500 gained +0.16% while the Dow Jones advanced +0.04%. The Russell 2000 (RUT) declined -0.93% The VIX volatility index declined -0.77%. The defensive sectors topped the sector list today, with Consumer Staples (XLP +0.83%) and Utilities (XLU +0.70% leading the way. Cyclical sectors did not do well, with Financials (XLF -0.75%) and Energy (XLE -1.18%) sitting at the bottom of the sector list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Export Price Index data was higher than expected, while Import Price Index data was lower than expected. The big surprise was the Consumer Expectations and Consumer Sentiment data, which dropped lower than 2020 and the lowest point in a decade. The US Dollar (DXY) declined -0.51%. The US 30y, 10y, and 2y Treasury yields declined for the day. The gap between long and short-term yields tightened. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced for the third day. Silver (SILVER) and Gold (GOLD) advanced. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) advanced. Copper (COPPER1!) and Aluminum (ALI1!) advanced. Bitcoin (BTCUSD) advanced +7.40%. Ethereum (ETHUSD) advanced +9.11%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Three of the four largest mega-caps advanced today. Microsoft (MSFT) led the way with a +1.05% gain, closing at another all-time high. Alphabet (GOOGL) rose +0.39%. Amazon (AMZN) continues to barely stay above its 200d simple moving average line, declining -0.29%. Pfizer (PFE), Nvidia (NVDA), Salesforce.com (CRM), and Microsoft led the mega-cap list today. At the bottom of the list is JP Morgan (JPM), Bank of America (BAC), Wells Fargo (WFC), and Alibaba (BABA). The daily update growth list had more losers than gainers, but the top gainers did very well. Robinhood (HOOD), DataDog (DDOG), and DoorDash (DASH) all had greater than 3% gains. Snowflake (SNOW) was the fourth best of the day. GrowGeneration (GRWG) dropped almost 12%, moving nearly 30% lower over the last two days. Digital Turbine (APPS), Ehang Holdings (EH), and Enphase (ENPH) round out the bottom four in the list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped to 0.644. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the Fear range, moving toward neutral. The NAAIM exposure index remained about the same at 97.55. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Manufacturing data from New York will be available before the market open on Monday. Roblox (RBLX), Paysafe (PSFE), Niu Tech (NIU), and Porch Group (PRCH) are a few of the interesting earnings reports for Monday. There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq moved sideways today and gave a bearish signal with a red doji star candle. The trend from the 7/19 low points to a +0.56% gain for Monday. The one-day trend line points to a -0.11% decline. The five-day trend line ends with a -0.38% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The Consumer Sentiment data slowed down the market rally but didn't reverse trends today. While the S&P 500 and Dow Jones set new records, the Nasdaq signaled a possible reversal. We'll have to wait until Monday to find out if the signal is confirmed. Investors got cautious heading into the weekend, dropping yields and giving a boost to the defensive sectors. The doji style candle is possibly a bearish reversal signal in an uptrend, but the trend right now is more sideways. It's a weak signal, so the expectation for Monday is set to Sideways, and we let the market tell us what it wants to do. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/12Summary: Jobs data helped boost the markets to more records today, with big tech helping lead the way higher. The S&P 500 and Dow Jones Industrial Average closed at record highs for the third day in a row. Notes 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, August 12, 2021 Facts: +0.35%, Volume higher, Closing range: 94%, Body: 52% Good: Another test with support at 21d EMA, green body over long lower wick Bad: Low A/D ratio, lower high Highs/Lows: Lower high, higher low Candle: Inside day, green body covers upper half of the candle. Advanced/Decline: 0.49, two declining stocks for every advancing stock Indexes: SPX (+0.30%), DJI (+0.04%), RUT (-0.28%), VIX (-3.05%) Sectors: Health (XLV +0.79%) and Technology (XLK +0.57%) at the top. Materials (XLB -0.16%) and Industrials (XLI -0.10%) at the bottom. Expectation: Sideways -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Jobs data helped boost the markets to more records today, with big tech helping lead the way higher. The S&P 500 and Dow Jones Industrial Average closed at record highs for the third day in a row. The Nasdaq finished the day with a +0.35% gain on slightly higher volume than the previous day. The index declined after open but found support at the 21d exponential moving average line and moved higher the rest of the day. The 52% green body covers the upper half of the candle. The rally in the afternoon resulted in a 94% closing range. A lower high and higher low marks another inside day for the Nasdaq. There were two declining stocks for every advancing stock. The S&P 500 (SPX) closed the day with a +0.30% gain. The Dow Jones Industrial Average (DJI) climbed by +0.04%. The Russell 2000 (RUT) fell back -0.28%. The VIX volatility index declined -3.05%. Cyclical sectors fell back to the bottom of the sector list after leading for two days. Health (XLV) and Technology (XLK), which were at the bottom of the list yesterday, bounced back to the top of the sector list today. Materials (XLB) and Industrials (XLI) were the worst-performing sectors for the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Continuing Jobless Claims data was better than expected while Initial Jobless Claims matched the forecast. Produce Price Index Data was higher than expected, adding to inflation worries since higher producer prices eventually get passed along to higher consumer prices. The US Dollar (DXY) advanced +0.11%. The US 30y Treasury yield was flat while the 10y and 2y Treasury yields rose for the day. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced for a second day. Silver (SILVER) declined while Gold (GOLD) advanced. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) declined -3.35%. Ethereum (ETHUSD) declined -4.91%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four largest mega-caps advanced, with Apple (AAPL) leading the way. Apple gained +2.08% for the day. Microsoft (MSFT) advanced +1.00%. Alphabet (GOOGL) gained +0.67%. All three seem to be getting good support at their 21d EMA. Amazon (AMZN) tested its 200d moving average line before ending the day with a +0.35% advance. The Amazon chart is still in a clear decline. Salesforce.com (CRM), Apple (AAPL), Tesla (TSLA), and Pfizer (PFE) topped the list of mega-caps today, all gaining over 2%. At the bottom of the list are Intel (INTC), Visa (V), Alibaba (BABA), and Exxon Mobil (XOM). The daily update growth stock is about half gainers and half losers. The top gainers were Palantir (PLTR), DraftKings (DKNG), Chewy (CHWY), and Snowflake (SNOW). The worst performing in the list today is NIO (NIO), Robinhood (HOOD), Lemonade (LMND), and GrowGeneration (GRWG). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped to 0.670. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the Fear range, moving toward neutral. The NAAIM exposure index remained about the same at 97.55. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Export and Import Price index data will wrap up the week's inflation data, while Consumer Sentiment data will give a reading on how consumers are weathering the resurging pandemic. There are no interesting earnings reports for the daily update on Friday. There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq got support again at the 21d exponential moving average line. The same line is supporting three of the largest big tech companies as well. The one-day trend line and trend from the 7/19 low points to a +0.61% gain for Friday. The five-day trend line ends with a -0.55% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Jobs data shows continued strength in the economic recovery, a positive sign for more growth in the second half of the year. After rotating into Infrastructure stocks the past two days, the market snapped back to the technology stocks that dominate the Nasdaq. However, the gains were not broadly shared, with more than two declining stocks for every advancing stock in the index. The chart is still in a downtrend after hitting a record close last week. Today's inside day, with a green body and long lower wick, is a positive. However, there is still an open question on whether the Nasdaq will reverse the trend. The expectation for tomorrow is sideways, and we'll watch where the market wants to go next. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1
Daily Market Update for 8/11Summary: Recovery and value stocks helped send the S&P 500 and Dow Jones to yet another record close on the day after the Infrastructure bill made it through the Senate. Notes 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, August 11, 2021 Facts: -0.16%, Volume higher, Closing range: 48%, Body: 46% Good: Support at 21d EMA, rally after support creates longer lower wick Bad: Lower high, morning selling after hitting intraday high Highs/Lows: Lower high, lower low Candle: Red body covers upper half of candle, long lower wick covers lower half. Advanced/Decline: 0.83, more declining stocks than advancing stocks Indexes: SPX (+0.25%), DJI (+0.62%), RUT (+0.49%), VIX (-4.35%) Sectors: Materials (XLB +1.41%) and Industrials (XLI +1.30%) at the top. Technology (XLK +0.01%) and Health (XLV -0.99%) at the bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Recovery and value stocks helped send the S&P 500 and Dow Jones to yet another record close on the day after the Infrastructure bill made it through the Senate. The Nasdaq closed with a loss of -0.16%. Volume was slightly higher than the previous day. The index opened up with a short rally to the intraday high and then sold off through the morning until getting support at the 21d exponential moving average before moving higher. The action created a long lower wick underneath a 46% red body and a 48% closing range. There were more declining stocks than advancing stocks on the growth-heavy Nasdaq. Beyond the Nasdaq, there were far more advancing stocks than declining stocks in the US markets. The Dow Jones Industrial Average (DJI) led the major indexes for another day with a +0.62% gain for another record close. The S&P 500 (SPX) also had a record close, advancing +0.25% today. The Russell 2000 (RUT) gained +0.49%. The VIX volatility index declined -4.25%. Cyclical sectors led the sector list for another day, with Materials (XLB +1.41%) and Industrials (XLI +1.30%) performing the best with a boost from the Infrastructure bill progress. At the bottom of the list was Health Services (XLV -0.99%), weighed down by losses from several large vaccine providers. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Inflation data available this morning included no huge surprises. The core consumer price index came in slightly lower than expected. Crude Oil Inventories showed lower demand than forecast. There was good demand for the 10-year Treasury Note auction in the afternoon, helping send yields lower. The US Dollar (DXY) declined -0.19%. The US 30y Treasury yield was flat while the 10y and 2y Treasury yields declined for the day. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices advanced after several days of decline. Silver (SILVER) and Gold (GOLD) advanced. Crude Oil (CRUDEOIL1!) prices advanced. Timber (Wood) advanced. Copper (COPPER1!) and Aluminum (ALI1!) advanced. Bitcoin (BTCUSD) advanced +0.03%. Ethereum (ETHUSD) advanced +0.79%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Apple (AAPL) and Microsoft (MSFT) gained +0.18% today as they continue getting support at their 21d exponential moving average lines. Alphabet (GOOGL) is well above the key moving average line but lost -0.39% today. Amazon (AMZN) tested its 200d simple moving average line today and ended the day with a -0.86% decline. Wells Fargo (WFC), Home Depot (HD), Bank of America (BAC), and JP Morgan Chase (JPM) were the top mega-cap gainers today. Pfizer (PFE) declined -3.90% after data showed its vaccine might be less effective against the Delta variant of the COVID virus. Other mega-caps at the bottom of the list include Nvidia (NVDA), Visa (V), and Eli Lilly (LLY). The daily update growth list did a little better than yesterday but was still primarily decliners today. Etsy (ETSY), D.R Horton (DHI), DataDog (DDOG), and RH (RH) were the top four gainers on the list. At the bottom of the list are FUTU Holding (FUTU), Crowdstrike (CRWD), Robinhood (HOOD), and Cloudflare (NET). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio advanced to 0.749. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the middle of the Fear range, moving toward neutral. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead The Produce Price Index data publishes on Thursday. We'll also get an update of Jobless Claims data that surprised investors last week. Wednesday's earnings reports include Walt Disney (DIS), Airbnb (BNB), DoorDash (DAH), Baidu (BIDU), Palantir (PLTR), Xpeng (XPEV), and LifeMD (LFMD). There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq got support at the 21d EMA today before recovering some of the morning losses. The trend from the 7/19 low points to a +1.00% gain for Thursday. The five-day and one-day trend lines end with a -0.22% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up There are no surprises today as the Infrastructure Bill moves investors back into recovery and value stocks, focused on those stocks likely to benefit from the spending bill. The Nasdaq declined for a second day as the rotation pulled people away from growth stocks that make up the index. There were many bullish indicators in the market today. Inflation is not out of control. Earnings reports continue to be strong, with positive outlooks. Demand for 10y Treasury notes remains high. Commodities advanced. Major indexes set record closes. Based on the chart, the Nasdaq got support at the 21d EMA today but is trending downward and may continue moving sideways or lower over the next few days as the current rotation completes. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1
Daily Market Update for 8/10Summary: Value stocks were in the spotlight today after the passing of the infrastructure bill in the Senate initiated a rotation into cyclical sectors. The result was new record closes for the Dow Jones and S&P 500. Notes 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, August 10, 2021 Facts: -0.49%, Volume lower, Closing range: 24%, Body: 71% Good: Higher high, lower volume on decline Bad: Lower low, low closing range Highs/Lows: Higher high, lower low Candle: Outside day made of mostly selling after the morning high. Advanced/Decline: 0.66, three declining stocks for every advancing stock Indexes: SPX (+0.10%), DJI (+0.46%), RUT (+0.20%), VIX (+0.42%) Sectors: Energy (XLE +1.76%) and Materials (XLB +1.51%) at the top. Technology (XLK -0.72%) and Real Estate (XLRE -1.07%) at the bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Value stocks were in the spotlight today after the passing of the infrastructure bill in the Senate initiated a rotation into cyclical sectors. The result was new record closes for the Dow Jones and S&P 500. The Nasdaq closed with a -0.49% loss for the day. Volume was lower than the previous day. Three stocks declined for every two advancing stocks. The index attempted a rally in the morning but sold off quickly, resulting in a 71% red body and 24% closing range. The lower wick is longer than the upper wick. The higher high and lower low create an outside day following two inside days. The Dow Jones Industrial Average (DJI) advanced +0.46%, and the S&P 500 (SPX) rose +0.10%. Both closed at new records. The Russell 2000 (RUT) also closed the day with a gain, advancing +0.20%. The VIX volatility index advanced +0.42%. The four cyclical sectors led the sector list, with Energy (XLE +1.76%) and Materials (XLB +1.51%) topping the list. Only three sectors declined for the day. Technology (XLK -0.72%) and Real Estate (XLRE -1.07%) were the worst-performing sectors of the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Nonfarm Productivity for Q2 as well as Unit Labor Costs was lower than expected. API Weekly Crude Oil stock showed lower than expected demand. The Senate passed the Infrastructure Bill, which had the most significant influence on today's market. The US Dollar (DXY) advanced +0.11%. The US 30y, 10y, and 2y Treasury yields advanced for the day. The yield curve continues to steepen. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) prices advanced. Timber (Wood) advanced. Copper (COPPER1!) and Aluminum (ALI1!) advanced. Bitcoin (BTCUSD) declined -1.43%. Ethereum (ETHUSD) declined -0.79%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio declined to 0.557. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the middle of the Fear range, moving toward neutral. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four largest mega-caps declined for the day, weighed down by the strengthening US dollar and rising Treasury yields. Alphabet (GOOGL) declined -0.08% after closing at a new high yesterday. Apple (AAPL) dropped -0.34% while Microsoft (MSFT) lost -0.66%. Both tested their 21d exponential moving average lines and found support. Amazon (AMN) declined -0.63% and continues to trade around its 200d simple moving average. Pfizer (PFE) topped the mega-cap list today as the COVID resurgence continues to grow, prompting more demand for vaccines. Walmart (WMT), Wells-Fargo (WFC), and Bank of America (BAC) filled out the top four mega-caps for the day. Salesforce.com (CRM), Nvidia (NVDA), Taiwan Semiconductor (TSM), and PayPal (PYPL) were the worst-performing mega-cap stocks for the day. The daily update growth list had mostly losses today. Top gainers included RH (RH), DoorDash (DASH), Etsy (ETSY), and Cloudflare (NET). At the bottom of the list are MongoDB (MDB), Roku (ROKU), RobinHood (HOOD), and Digital Turbine (APPS). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead We'll get another look at inflation data on Wednesday with an update to the Consumer Price Index data in the morning. Crude Oil Inventories will come after the market opens. There is a 10y Treasury Note auction in the afternoon. Nio (NIO), eBay (EBAY), Opendoor (OPEN), Bumble (BMBL), Wendy's (WEN), and Lordstown Motors (RIDE) release earnings on Wednesday. There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq faded after a quick rally after the market open. The trend from the 7/19 low points to a +0.91% gain for Wednesday. The five-day trend line ends with a +0.37% gain. The one-day trend would put the index just above the 21d EMA with a -0.57% decline. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Infrastructure FTW. Today's passing of the infrastructure bill had investors rotating into value stocks that are sensitive to economic cycles. Tomorrow we'll get new inflation data that may shift investor sentiment further into value or swing them back toward growth. Based on the outside day with a sizeable red body, the expectation for tomorrow is Sideways or Lower. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1
Daily Market Update for 8/9Summary: It was another inside day for the Nasdaq as the market entered the week with caution. The Delta variant of the virus continues to rise while positive employment data is turning the Fed toward more tapering discussion. The combination drove the dollar higher and Treasury prices lower. Notes 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, August 9, 2021 Facts: +0.16%, Volume lower, Closing range: 71%, Body: 5% Good: Higher low, small gain on otherwise cautious day Bad: Lower high, indecisive day Highs/Lows: Lower high, higher low Candle: Another inside day, indecisive candle with thin body in the upper half Advanced/Decline: 0.67, three declining stocks for every advancing stock Indexes: SPX (-0.09%), DJI (-0.30%), RUT (-0.58%), VIX (+3.53%) Sectors: Health (XLV +0.38%) and Consumer Staples (XLP +0.37%) at the top. Real Estate (XLRE -0.45%) and Energy (XLY -1.41%) at the bottom. Expectation: Sideways -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview It was another inside day for the Nasdaq as the market entered the week with caution. The Delta variant of the virus continues to rise while positive employment data is turning the Fed toward more tapering discussion. The combination drove the dollar higher and Treasury prices lower. The Nasdaq ended the day with a small advance, gaining +0.16%. The thin 5% body is in the upper half of the candle, which has a lower high and higher high than the previous day. That's the second inside day in a row as the market consolidates before choosing a direction. The closing range of 71% is a positive signal, but there were three declining stocks for every two advancing stocks. The S&P 500 (SPX) declined -0.09%. The Dow Jones Industrial Average (DJI) fell -0.30%. Both closed at record highs on Friday. The Russell 2000 (RUT) lost -0.58%. The VIX volatility index advanced +3.53%. Only three sectors had gains today, with defensive sectors leading the list. Health (XLV +0.38%) and Consumer Staples (XLP +0.37%) were the top two sectors. Both sectors got a boost from fears of rising cases of COVID around the world. Financials (XLF +0.26%) was third in the list, benefiting from higher yields on Treasuries. Real Estate (XLRE -0.45%) and Energy (XLY -1.41%) were at the bottom of the sector list. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The JOLTs Job Openings report for June came in higher than expected, reinforcing the robust employment data last week. The US Dollar (DXY) advanced +0.20%. The US 30y, 10y, and 2y Treasury yields advanced for the day. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) advanced +5.33%. Ethereum (ETHUSD) advanced +3.95%. (Time of writing) -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio declined to 0.644. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the middle of the Fear range. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Only Alphabet (GOOGL) gained for the day, advancing +0.87%. Microsoft (MSFT) and Apple (AAPL) lost -0.39% and -0.03% but remained above their 21d exponential moving average lines. Amazon (AMZN) declined -0.09% and remained below the 21d EMA line and the 50d simple moving average line. Tesla (TSLA), Pfizer (PFE), Eli Lilly (LLY), and Bank of America (BAC) were the top four mega-caps for the day. Accenture (ACN), United Health (UNG), Mastercard (MA), and Exxon Mobil (XOM) were the worst-performing mega-caps today. FUTU Holdings (FUTU), Fastly (FSLY), UP Fintech (TIGR), and Fiverr (FVRR) were the top stocks of the day in the daily update growth list. At the bottom of the list is Workday (WDAY), Penn National Gaming (PENN), DataDog (DDOG), and Digital Turbine (APPS). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Nonfarm Productivity and Unit Labor Costs data will be available Tuesday morning, while Weekly Crude Oil Stock will get an update after the market closes. Earnings reports for Tuesday include Coinbase (COIN), Unity Software (U), Upstart (UPST), and Open Lending (LPRO). There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq had its second inside day in a row as it consolidates before choosing a direction. All three trend lines point to a gain for tomorrow in the range from +0.36% for the one-day trend line to a +0.55% gain for the five-day trend line. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The market continues to toil with worries of the Delta variant of COVID while data shows a solid economic recovery, especially in the labor market. The rising number of COVID cases raises fears around new lockdowns that could impact the global economic recovery. On the other hand, the recovery in the labor market is a positive sign for the economy. However, it raises concerns around when the Fed will start tapering fiscal support, a topic that is becoming increasingly political. Investors are also watching closely the infrastructure bill, which could reach a vote in the Senate early in the week. Progress on the bill will finally take away some questions around government investment, but then attention will turn toward the $3.5 trillion reconciliation. Today's candle on the Nasdaq chart signals indecision for investors. So an expectation of Sideways tomorrow could turn into a higher or lower move. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1
Market Week in Review - 8/2/2021 - 8/6/2021Summary: Where does the market want to go next? That is the question to be answered after a week of mixed economic news met with COVID fears and uncertainty around what's happening with the infrastructure bill and government debt. Equity markets set new record highs as Treasury yields rose, setting up a possible pivot for next week. Notes The 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. I occasionally have some errors or typos and will correct them in my blog or 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. 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 "View on the Week." 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, August 2, 2021 Facts: +0.06%, Volume higher, Closing range: 15%, Body: 74% Good: Higher high, higher low, support at 14,650 area Bad: Could not hold morning highs, low A/D ratio Highs/Lows: Higher high, higher low Candle: Mostly red body with tiny upper and lower wicks Advanced/Decline: 0.79, more declining stocks than advancing stocks Indexes: SPX (-0.18%), DJI (-0.28%), RUT (-0.48%), VIX (+6.80%) Sectors: Utilities (XLU +0.77%) and Consumer Discretionary (XLY +0.29%) at the top. Energy (XLE -0.75%) and Materials (XLB -1.21%) at the bottom. Expectation: Sideways Despite being at a historically high level, Manufacturing activity data was lower than the previous month and lower than expectations. The result was a failed morning rally that took indexes higher before selling off in the afternoon. The only positive holding back more selling was the progress of the Infrastructure bill in congress. The Nasdaq finished the day with a +0.06% gain on higher volume than the previous day. The candle is mostly red body with tiny upper and lower wicks, reflecting the full day of selling after the markets opened higher in the morning. The closing range of 15% is below a 74% red body. There were more declining stocks than advancing stocks. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, August 3, 2021 Facts: +0.55%, Volume higher, Closing range: 99%, Body: 26% Good: High closing range, long lower wick as bulls come in after morning selling Bad: Lower low, no support at 14,650 Highs/Lows: Lower high, lower low Candle: Small green body above a long lower wick. Advanced/Decline: 0.67, three declining stocks for every two advancing stocks Indexes: SPX (+0.82%), DJI (+0.80%), RUT (+0.36%), VIX (-7.40%) Sectors: Energy (XLE +1.71%) and Health (XLV +1.39%) at the top. Real Estate (XLRE +0.41%) and Communications (XLC -0.45%) at the bottom. Expectation: Sideways or Higher Investors shrugged off worries of the Coronavirus Delta variant and turned bullish on a robust earnings week. After a morning dip, indexes moved higher, with the S&P 500 getting another record close. Apple and Health stocks led the way. The Nasdaq closed with a +0.55% after testing its 21d EMA in the opening hour. The candle has a long lower wick from the dip, but the index rallied the rest of the day to end with a 99% closing range above a small green body. The candlestick's pattern is a hanging man within an uptrend. Despite the afternoon rally, there were three declining stocks for every two advancing stocks. The hanging man and low A/D show the sellers are present in the market even as the indexes rose. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, August 4, 2021 Facts: +0.13%, Volume higher, Closing range: 59%, Body: 43% Good: Higher high/low, good closing range Bad: Dip after intra-day high, low a/d ratio Highs/Lows: Higher high, higher low Candle: Over half green body, but in the lower part of the candle, longer upper wick Advanced/Decline: 0.54, nearly two declining stocks for every advancing stock Indexes: SPX (-0.46%), DJI (-0.92%), RUT (-1.23%), VIX (-0.28%) Sectors: Communications (XLC +0.28%) and Technology (XLK +0.20%) at the top. Industrials (XLI -1.36%) and Energy (XLE -1.36%) at the bottom. Expectation: Sideways or Lower Only two sectors advanced today in a small gain for the Nasdaq while other major indexes took a step backward. Employment data disappointed investors already worried about the impact of the resurgence in the COVID pandemic, while the Fed's Clarida signaled possibly earlier tapering and interest rate hikes. The Nasdaq ended the day with a +0.13%, but nearly two declining stocks for every advancing stock. The green body covers over half the candle, sitting near the bottom under a longer upper wick. The closing range of 59% is not bad but comes after a pullback from the intraday high on a worsening outlook. Volume was higher than the previous day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, August 5, 2021 Facts: +0.78%, Volume lower, Closing range: 99%, Body: 84% Good: Large green body, high closing range with good A/D ratio Bad: Lower volume Highs/Lows: Higher high, higher low Candle: Large green body over a small lower wick, no upper wick Advanced/Decline: 1.73, more than three advancing stocks for every declining stock Indexes: SPX (+0.60%), DJI (+0.78%), RUT (+1.81%), VIX (-3.84%) Sectors: Financials (XLF +1.31%) and Energy (XLE +1.13%) at the top. Materials (XLB -0.14%) and Health (XLV -0.41%) at the bottom. Expectation: Sideways or Higher The indexes set records again today after the morning jobless report came in better than expected. The anticipation of more positive news in Friday's employment data sent Treasury Yields and US equities higher. The Nasdaq closed at a new record high with a +0.78% gain today. Volume was lower than the previous day. After breaking into a new record level, the index moved sideways for the afternoon before a rally into the close that left the candlestick with an 84% green body and 99% closing range. There were more than three stocks that advanced for every two stocks that declined. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Friday, August 6, 2021 Facts: -0.4%, Volume higher, Closing range: 46%, Body: 28% Good: Higher low, support after morning rotation dip Bad: Higher volume pullback from all time high Highs/Lows: Lower high, higher low Candle: Inside day with small red body in upper half of candle Advanced/Decline: 0.84, more declining stocks than advancing stocks Indexes: SPX (+0.17%), DJI (+0.41%), RUT (+0.53%), VIX (-6.54%) Sectors: Financials (XLF +2.02%) and Materials (XLE +1.45%) at the top. Real Estate (XLRE -0.17%) and Consumer Discretionary (XLY -0.68%) at the bottom. Expectation: Sideways or Higher The S&P 500 and Dow Jones closed at new record highs while the Nasdaq pulled back in a rotation from growth to cyclical sectors. Positive employment data in the morning added to the possibility of agreement on a $1 trillion infrastructure bill that pushed investors towards the cyclical sectors. The Nasdaq declined -0.4% for the day on higher volume than the previous day. The 28% red body is high in the candle, with a longer lower wick than the upper wick, creating a 46% closing range. The lower high and higher low make an inside day. There were more declining stocks than advancing stocks on the Nasdaq, but more broadly, gaining stocks outnumbered losing stocks in the NYSE. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- View on the Week Where does the market want to go next? That is the question to be answered after a week of mixed economic news met with COVID fears and uncertainty around what's happening with the infrastructure bill and government debt. Equity markets set new record highs as Treasury yields rose, setting up a possible pivot for next week. The week began with manufacturing data that showed a slowing economic recovery. While the markets opened with gains, the gains were given back throughout a day of selling. It didn't help that the Delta variant of COVID continues to grow wildly as local governments begin enforcing new rules to help deal with the resurgence in the pandemic. Nonfarm Employment data from ADP on Wednesday came in lower than expected, adding to the worries. That sent yields lower on treasuries and sent indexes lower, although the Nasdaq held onto a gain for the day. That all changed over the next two days. Thursday's weekly continuing jobless claims showed a change in the employment trend, surprising investors and setting up for more positive employment news on Friday. Treasury yields moved higher while the gap between long-term and short-term treasuries widened significantly, bringing back worries from February of a steepening yield curve. The result was a reversal of the big tech and growth trade back into cyclical stocks on Friday. The Nasdaq dropped while the other indexes moved higher, setting more records. Adding to the momentum for cyclicals, the infrastructure bill is making progress in Congress and could see a vote as early as this weekend. There are still hurdles to overcome for the bill, and the government is still dealing with a possibly long fight over the debt ceiling. Investors showed caution throughout the week, and reactions to earnings reports were massive. Solar Edge (SEDG) and DataDog (DDOG) had gains of over 15% following their positive earnings reports and improved guidance. On the other hand, Roku (ROKU) declined -10%, Lemonade (LMND) dropped -13%, Zynga lost -20%, and Fastly fell a massive -25%, after signaling caution for the remainder of the year in their earnings calls. Robinhood (HOOD) hit the headlines as a new meme-stock with huge swings throughout the week. At one point, the recent IPO stock was up 140% for the week. It gave back a lot of those gains but still ended up 56% for the week. The Nasdaq advanced +1.11% for the week, setting a new all-time high on Thursday. The higher high and higher low, as well as the 81% closing range, is a bullish week. However, the long lower wick shows that sellers were still present. On the daily chart, a rising wedge will meet up with additional resistance at 15,000 that may cause a pullback before moving higher. Volume was higher than the previous week. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) closed the week at new records with +0.94% and +0.78% gains. The Russell 2000 (RUT) gained +0.97% for the week. The VIX volatility declined -11.35% for the week. Several sectors rallied into the lead throughout the week, but Financials ( XLF ) came from behind to end the week as the top sector. On Friday, the sector added 2% on top of gains earlier in the week. The rally came as employment data was better than expected, sending Treasury yields higher and brightening the prospects for big bank performance tied to the yields. Utilities ( XLU ) enjoyed the top spot on Monday and early Tuesday, rallied again on Thursday, but fell to second place on Friday. The defensive sector shows investors were cautious throughout the week as indexes set new records amidst worries the rising Delta variant might pull back the economic recovery. Health Services ( XLV ) took the lead spot on Wednesday, likely on the view that there will be an increased demand for vaccines and therapies that can handle the resurgence of the pandemic. Consumer Staples ( XLP ) was the only sector to decline this week, putting it at the bottom of the sector list. Yields for the US 30y, 10y, and 2y Treasuries all rose for the week. The yield curve steepened for the week, reversing a trend of a tightening gap between long-term and short-term yields. Both High Yield Corporate Bond (HYG) and Investment Grade Bond (LQD) prices declined. The gap between junk bonds and treasury yields widened. The US Dollar (DXY) advanced +0.75% for the week. Much of that gain came on Friday as investors reacted to solid employment data. Silver (SILVER) declined -4.49%, and Gold (GOLD) declined -2.84%. Crude Oil (CRUDEOIL1!) declined -7.63%. Timber (WOOD) declined -0.39%. Copper (COPPER1!) declined -2.55%. Aluminum (ALI1!) declined -0.88% but remains near record highs. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Big Four Mega-caps Microsoft (MSFT) had the biggest gain this week, advancing +1.60% as it nears a new all-time high. Alphabet (GOOGL) closed the week with a +0.75%, its highest weekly close on record. Amazon (AMZN) gained +0.52%, recovering some from last week's massive drop. Apple (AAPL) gained +0.19%. Only Amazon is trading below the 10w moving average. -=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. Three of the four had gains this week. Carnival Cruise Lines (CCL) soared +6.61% for the week, although it is still well below the 10w and 40w moving average lines. Delta Airlines (DAL) gained +1.05%. Exxon Mobil (XOM) climbed by +0.50%. Marriott (MAR) dropped -3.01% for the week but closed above both moving average lines. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Cryptocurrency I started tracking four major cryptocurrencies on the week in review. The four are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The latter two are not the largest by market cap but seem to be well-known and are part of the CIX capital.com index, tracking five cryptocurrencies, including these four (Ripple is the fifth). Ethereum (ETHUSD) continues to outperform the other three with a +22.00% gain this week. Bitcoin (BTCUSD) gained +10.76%. Litecoin (LTCUSD) and Bitcoin Cash (BCHUSD) are still trading near or below moving averages despite gaining +9.25% and +8.94% this week. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio (PCCE) ended the week at 0.713. The CNN Fear & Greed Index ended the week in the middle of the Fear range after dipping into Extreme Fear earlier in the week. The NAAIM money manager exposure index rose to 97.72. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Week Ahead There are a lot of earnings reports, and I won't try to list them all here. Check your portfolio for earnings events to prevent surprises. Monday Next week will open with the JOLTs Job Openings data on Monday morning. BioNTech (BNTX), Trade Desk (TTD), Tyson Foods (TSN), AMC Entertainment (AMC), Chegg (CHGG), Cable One (CABO), Curaleaf (CURLF), Tilray (TLRY), Xpel (XPEL), Rocket Pharma (RCKT), SUMO Logic (SUMO), and Vuzix (VUZI) are some of the companies opening up another busy earnings week with reports on Monday. Tuesday Nonfarm Productivity and Unit Labor Costs data will be available Tuesday morning, while Weekly Crude Oil Stock will get an update after the market closes. Earnings reports for Tuesday include Coinbase (COIN), Unity Software (U), Upstart (UPST), and Open Lending (LPRO). Wednesday We'll get another look at inflation data on Wednesday with an update to the Consumer Price Index data in the morning. Crude Oil Inventories will come after the market opens. There is a 10y Treasury Note auction in the afternoon. Nio (NIO), eBay (EBAY), Opendoor (OPEN), Bumble (BMBL), Wendy's (WEN), and Lordstown Motors (RIDE) release earnings on Wednesday. Thursday The Produce Price Index data publishes on Thursday. We'll also get an update of Jobless Claims data that surprised investors last week. Wednesday's earnings reports include Walt Disney (DIS), Airbnb (BNB), DoorDash (DAH), Baidu (BIDU), Palantir (PLTR), Xpeng (XPEV), and LifeMD (LFMD). Friday Export and Import Price index data will wrap up the week's inflation data, while Consumer Sentiment data will give a reading on how consumers are weathering the resurging pandemic. There are no interesting earnings reports for the daily update on Friday. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bullish Side Economic data this week suggested businesses are pushing forward with the recovery despite a resurgence in COVID cases due to the Delta variant. That suggests we're learning to deal with the rise in cases through new protocols that allow businesses to stay open and consumers to continue spending. Unemployment is dropping as companies hire back workers to meet demand. An increase in both business and leisure travel is putting a strain on recovering airlines. Consumer debt is growing again. The One Trillion Dollar Infrastructure Bill is making good progress in Congress with just a few issues remaining before it goes to a vote, possibly this weekend or early next week. The passage of the bill will boost several sectors, including renewable energy, communications, materials, and industrials. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- The Bearish Side The sudden rise in Treasury yields on Thursday and Friday steepened the yield curve once again. The curve was steadily flattening since hitting its sharpest level in March. While some increase in Treasury Yields is maybe ok, a rapid increase like we saw earlier this year, as Biden took over, would bring back yield curve fears that drove corrections for the Nasdaq in February and April. The rising yields come as the government is beginning a long fight over the government debt ceiling. If the ceiling is met, the government will need to partially or wholly shut down and not issue new treasuries. The result will be volatility in the Treasuries market that will extend to equities that are so stretched at all-time highs that the impact could be a significant correction. Expect lots of caution among investors as the drama plays out in Washington. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Key Nasdaq Levels to Watch The Nasdaq set another all-time high this week but dipped below the 21d EMA in the process. There is a rising wedge pattern that will meet up with expected resistance at 15,000. Watch for a breakout from the wedge in either direction. On the positive side, the levels are: The high of this past week was a new all-time high at 14,896.47. The round number 15,000 is likely to be a new area of resistance. On the downside, there are a few key levels: The 10d MA is at 14,766.86. The 21d EMA is at 14,673.64. 14,584.09 is the low of the past week. 14,500 support area was tested this past week and held. The 50d MA is at 14,379.94. 14,200 remains a critical level that would signal a bearish double top. 14,000 has been an area of support/resistance. There is a pivot at 13,903.73, which would be a technical support area if a correction is in order. A further pullback would likely hit the 200d moving average at 13,361.02. The index hasn't approached this line since rising above it in April 2020. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up We continue to see these mini-cycles play out where the market rotates through cyclicals, growth, and defensive sectors while it tries to navigate an unchartered recovery from the worst global economic disaster in history. To get an idea of investments moving around, you can look at the sector rotations. I'll also leave with two charts. The first compares Growth to Value performance. It's easy to see the cycles play out here in January, May, and this Summer. As treasury yields move higher, we may see another move toward value investments. The second chart is Small-cap vs. Large-cap stocks. Here, you can see the considerable outperformance of small-caps in the last part of 2020, which played out until Treasury Yields started coming back down in March. With the possibility of more volatility in Treasuries, we may see another base in this chart, if not a turn back to the outperformance of small caps. There are no predictions here. Just observations, watching and learning. Good luck, stay healthy, and trade safe!
NASDAQ:IXIC
by drewby4321
Daily Market Update for 8/6Summary: The S&P 500 and Dow Jones closed at new record highs while the Nasdaq pulled back in a rotation from growth to cyclical sectors. Positive employment data in the morning added to the possibility of agreement on a $1 trillion infrastructure bill that pushed investors towards the cyclical sectors. Notes 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, August 6, 2021 Facts: -0.4%, Volume higher, Closing range: 46%, Body: 28% Good: Higher low, support after morning rotation dip Bad: Higher volume pullback from all time high Highs/Lows: Lower high, higher low Candle: Inside day with small red body in upper half of candle Advanced/Decline: 0.84, more declining stocks than advancing stocks Indexes: SPX (+0.17%), DJI (+0.41%), RUT (+0.53%), VIX (-6.54%) Sectors: Financials (XLF +2.02%) and Materials (XLE +1.45%) at the top. Real Estate (XLRE -0.17%) and Consumer Discretionary (XLY -0.68%) at the bottom. Expectation: Sideways or Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The S&P 500 and Dow Jones closed at new record highs while the Nasdaq pulled back in a rotation from growth to cyclical sectors. Positive employment data in the morning added to the possibility of agreement on a $1 trillion infrastructure bill that pushed investors towards the cyclical sectors. The Nasdaq declined -0.4% for the day on higher volume than the previous day. The 28% red body is high in the candle, with a longer lower wick than the upper wick, creating a 46% closing range. The lower high and higher low make an inside day. There were more declining stocks than advancing stocks on the Nasdaq, but more broadly, gaining stocks outnumbered losing stocks in the NYSE. The S&P 500 (SPX) and Dow Jones Industrial Average (DJI) set new record closes with +0.17% and +0.41% gains. Small caps in the Russell 2000 (RUT) outperformed again, adding +0.53% to the index. The VIX volatility index declined -6.54%. Only the four cyclical sectors gained today, with Financials (XLF +2.02%) and Materials (XLE +1.45%) at the top of the list. Real Estate (XLRE -0.17%) and Consumer Discretionary (XLY -0.68%) were at the bottom. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators Employment data was positive today, with Hourly Earnings, Nonfarm Payrolls, and the Unemployment rate coming in better than expected. Consumer Credit was also higher than expected for June, signaling consumer confidence and spending by the public. The US Dollar (DXY) advanced to +0.57% on the solid economic data. The US 30y, 10y, and 2y Treasury yields advanced for the day while the gap between long-term and short-term yields widened. High Yield Corporate Bond (HYG) and Investment Grade Corporate Bond (LQD) prices declined. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) prices declined. Timber (Wood) declined. Copper (COPPER1!) advanced, and Aluminum (ALI1!) declined. Bitcoin (BTCUSD) advanced +4.80%. Ethereum (ETHUSD) advanced +2.21%. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to 0.714. The put/call ratio (PCCE) is a contrarian indicator of overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. Below that level is overly bullish. The CNN Fear & Greed index is in the middle of the Fear range. The NAAIM money manager exposure index rose to 97.72. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All four largest mega-caps declined today. Microsoft (MSFT) declined -0.02% but shows a bullish inside day candle. Alphabet (GOOGL) lost -0.38%. Apple (AAPL) fell -0.63%. Amazon (AMZN) lost -0.92% and is the only of the four to be trading below the 21d exponential and 50d simply moving average lines. Financial companies dominated the top of the mega-cap list, with Wells Fargo (WFC), Bank of America (BAC), JP Morgan (JPM), and Berkshire Hathaway (BRK.A) leading the day with gains. At the bottom of the list are ASML Holding (ASML), Alibaba (BABA), Tesla (TSLA), and Novo Nordisk (NVO). Robinhood (HOOD) ended a volatile first week with an 8% gain to top the daily update growth list today. Fastly (FSLY), Solar Edge (SEDG), and UP Fintech (TIGR) were the other top growth stocks on the list. NIO (NIO), Okta (OKTA), Peloton (PTON), and Zynga (ZNGA) were at the bottom of the list, with Zynga losing almost 20% on a disappointing outlook after beating earnings. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Next week will open with the JOLTs Jon Openings data on Monday morning. BioNTech (BNTX), Trade Desk (TTD), Tyson Foods (TSN), AMC Entertainment (AMC), Chegg (CHGG), Cable One (CABO), Curaleaf (CURLF), Tilray (TLRY), Xpel (XPEL), Rocket Pharma (RCKT), and Vuzix (VUZI) are some of the companies opening up another busy earnings week with reports on Monday. There are many earnings reports next week. Keep an eye out for reports from companies in your portfolio. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support, and Resistance The Nasdaq set a new record today and closed near the high. The five-day trend line and the trend-line from the 7/19 low point to a +0.52% gain for Monday. The one-day trend line leads to a -0.24% loss. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up This morning's positive employment data seems to have kicked off another mini-cycle, with the cyclical sectors gaining while growth stocks either paused or pulled back. The rotation could get a further catalyst if the infrastructure bill moves forward over the weekend. The inside day for the Nasdaq is within an uptrend and could result in a continuation of the trend. Expectation for Monday is sideways or higher. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321