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Daily Market Update for 3/4Trend lines drawn from the 2/16 ATH (13d), 2/26 (5d) and today 3/4 (1d).   Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Thursday, March 4, 2021 Facts: -2.11%, Volume higher, Closing range: 33%, Body: 45% Good: Support at 12,550 area Bad: Rejected at 13,000, new low for year Highs/Lows: Lower high, lower low Candle: Red body in center of candle with upper and lower wicks from choppy session Advance/Decline: Over seven declining stocks for every advancing stock Indexes: SPX (-1.34%), DJI (-1.11%), RUT (-2.76%), VIX (+7.12%) Sectors: Energy (XLE +2.39%) was the only sector with gains. Consumer Discretionary (XLY -2.12%) and Technology (XLK -2.21%) were bottom. Expectation: Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The sky is not falling. But the market is! It can be confusing to see the news of reopening of economies around the US and world, positive signs of economic recovery, and yet to have the market be correcting at the same time. Thursday continued the market slide, caused by investor's fears that the economy will recover too fast and inflation will take off beyond the desired 2% that the fed targets, impacting negatively the valuations of mega-caps and growth stocks. The Nasdaq closed down another -2.11% on much more volume than the previous two sessions. The closing range was a little better at 33%, but still not great. The 45% red body sits in the middle of the candle with an upper wick created by a morning rally to 13,000 and a lower wick created by the afternoon dip to 12,550. The support at 12,550 was expected, but may be temporary. There were over seven declining stocks for every advancing stock. The Russell 2000 (RUT) had the worst day as small cap stocks were sold off heavily. Relative to the other indexes, the small caps had not been impacted as much until today. The reckoning came as investors looked for more places to reduce exposure. The S&P 500 (SPX) and Dow Jones Industrial average (DJI) also ended the day with declines as almost every segment and sector was hit with losses except Energy. The VIX volatility index continues to rise with a 7.12% gain today. Energy (XLE +2.39%) was the only sector with gains as OPEC decided to keep production steady, causing crude oil prices to advance. Consumer Discretionary (XLY -2.12%) and Technology (XLK -2.21%) were bottom for another day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) advanced another +0.75%. That’s the highest level since November and is another factor on the valuations of large multi-national companies that dominate the indexes and are impacted by a stronger dollar. The stronger dollar makes exports more expensive and also devalues foreign subsidiary revenues as it's repatriated for reporting. Yields spikes again as US 30y and 10y treasury bonds. The 2y are also gained for the day. Comments by Jerome Powell were not enough to convince investors that inflation would remain under control, causing another sell-off in the bond market. High Yield Corporate Bonds (HYG) and Investment Grade Corporate Bond (LQD) prices both dropped for another day. Silver (SILVER) and Gold (GOLD) both declined. Crude Oil (CRUDEOIL1!) advanced on news that OPEC would keep production at current levels. Timber (WOOD) declined. Copper (COPPER1!) and Aluminum (ALI1!) both declined. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to 0.803. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index moved slightly into the fear level. The NAAIM Exposure Index dropped to 65.37 as money managers reduce positions in the market. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders Of the four big mega-caps, only Alphabet (GOOGL) ended the day with gains, advancing +1.12% and closing back above the 21d EMA. Apple (AAPL), Microsoft (MSFT) and Amazon (AMZN) all declined for the day and are trading below both the 21d EMA and the 50d MA. The decline of these mega-caps will continue to pull the indexes down and influence overall market sentiment. Exxon Mobile (XOM), Alphabet, Chevron (CVX) and Facebook (FB) were the top performing mega-caps. Tesla (TSLA), Taiwan Semiconductor (TSM), ASML Holding (ASML) and PayPal (PYPL) were at the bottom of the list. The energy stocks had a good day on the OPEC news. It's not clear to me why mega-caps in the Communication sector did well today. Only a few of the growth stocks tracked by the daily update had gains. Palantir (PLTR) gained 4.83%, possibly driven by retail trading. Moderna (MRNA) and Zoom Video (ZM) also ended the day with gains. Ehang Holdings dropped another -15.22% and is now almost 75% off its high set on 2/12. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead More employment data will be released in the morning. Today's data was slightly on the positive side but did not seem to impress investors. Big Lots (BIG) will report earnings before the market opens in the morning. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The trend-line from the 2/16 ATH is pointing to a +1.53% gain for tomorrow. The five-day trend line points to a +0.86% gain. The last three days have seen a fairly consistent angle of descent in prices. If the one-day trend continues, that will mean a -3.26% decline tomorrow. The index broke through the 13,000 support area and tested the 12,550 area that also held in an early January dip. If it passes that area, the next support area is 12,250. Yesterday, I showed the head and shoulders pattern on the Nasdaq chart. This pattern represents an attempt to move back to new highs that was rejected at a previous resistance point. Typically the height of the head is measured to determine the potential move downward that will occur as the price breaks below the neck line. The neck line was broken today and the measured move points to a previous support area around 11,800 - 12,000. That likely would not happen in a straight line. The reason to watch for it is not to overreact to bounces along the way. For example, it would not be unexpected for tomorrow to have gains in the index and then have a further downward move on Monday. Wait for your market rules to kick in, such as regaining the 21d EMA on higher volume. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The Nasdaq is in official correction territory now with the close being 10% below the all-time high. The other major indexes have a bit to go for the official mark, but are also reacting to an overwhelming amount of selling pressure. There is a general sense that this is not over and selling could continue into next week or longer. However, I'll quote @MichaelGLamothe on twitter: "I think it’s good to have a thesis about which way the market is going to move. The problem comes when we become too attached to it and want to be proven right. There’s tons of great reasons why the market will collapse & why it’ll blast off. Be open/ready for anything." Keep engaged. Work on your watchlist, filling it with stocks that are doing better relative to other stocks, even in a decline. Many of those stocks will be the best opportunities when the market finds a bottom and moves up again. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
4
Reversal target in sight? The current bull run is still valid but based on a few technical indicators we may see some more price action to the downside before a continuation. There are several technical catalysts that may converge near or at the reversal target. Previous daily support, median line support, EMA convergence, and RSI hitting oversold (30). Momentum – While price makes a higher high from Jan to Feb, a bearish divergence occurs as the RSI makes a lower high, indicating a change in momentum foreshadowing the current pullback. As the RSI falls we see it break through the first key support level, tries to correct, and gets rejected by the midline (50) to then continue the downtrend. As RSI breaks the second key level it tries to break back through to the upside and fails. Judging by the EOD price action on Friday we can assume price rejection was successful and will continue to the downside. RSI is approaching oversold which is a prime area for a reversal in momentum. Trend – During the current bull run, we see the 12EMA converge on the 50EMA twice but never cross, indicating a strong uptrend. Despite the current price action, the uptrend remains intact as the 12EMA is converging on the 50EMA again but has not crossed. The 12EMA still has more room to the downside before finding support near the 50EMA. The current spread between the EMAs is approx. 2.3%, which is the distance from Friday's low to the lower median line. Chart Pattern – Price is trading in an ascending channel and attempted to test the upper median line, but was rejected initiating the current downtrend. Price is approaching the lower median line where support was confirmed by Sept, Oct, and Nov lows. Price holding the lower median line and breaking back out of the demand zone may be confirmation of a reversal back towards Jan and Feb highs. Support and Resistance – Price is approaching the upper part of the demand zone set by Dec highs and Jan Lows. If price can hold in or above the demand zone, that is a strong indicator bears are losing steam, and bulls may regain control soon. What do you think about this target for a potential reversal? Any comments or critiques would be appreciated! This idea is for discussion purposes only and is not financial advice.
NASDAQ:IXIC
by StonklyGainz
4
Daily Market Update for 3/3Trend lines drawn from the 2/16 ATH (12d), 2/25 (5d) and today 3/3 (1d).   Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wednesday, March 3, 2021 Facts: -2.7%, Volume higher, Closing range: 1%, Body: 90% Good: 13,000 just barely holding on Bad: Higher volume selling day shows institutional distribution Highs/Lows: Lower high, lower low Candle: Tiny upper wick created at open, thick red body with no lower wick Advance/Decline: More than two declining stocks for every advancing stock Indexes: SPX (-1.31%), DJI (-0.39%), RUT (-1.06%), VIX (+10.66%) Sectors: Energy (XLE +1.47%) and Financials (XLF +0.78%) were the top sectors. Consumer Discretionary (XLY -2.35%) and Technology (XLK -2.52%) were bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The market continued its retreat on Wednesday with another session of selling that was shared broadly across the indexes. Only a few cyclical sectors were able to hang onto gains for the day as investors moved from high priced big tech and consumer discretionary stocks to recovery stocks expected to benefit from the economic recovery. The Nasdaq closed the day with a -2.70% loss on higher volume, marking a clear distribution day for the index. For a second day in a row, the index sold off for most of the day, producing a thick red body with no visible lower wick. The closing range was 1% and the red body covers 90% of the candle. Over two stocks declined for every advancing stock. The Dow Jones Industrial average (DJI) faired the best for the day, declining only -0.39%. It was held up by strong performances in Energy, Finance and Industrials. The S&P 500 (SPX) dropped -1.31% and the Russell 2000 (RUT) declined -1.06%. The VIX volatility index rose +10.66%. Energy (XLE +1.47%) and Financials (XLF +0.78%) were the top sectors. Industrials (XLI +0.11%) was the only other sector with gains. Consumer Discretionary (XLY -2.35%) and Technology (XLK -2.52%) were bottom. Communications (XLC -1.43%) also lost more than the overall index. These sectors have heavy weight mega-cap players that are leading the way down for the indexes. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) advanced +0.22%. Yields for the US 30y, 10y and 2y all rose for the day, returning fears to investors' minds on the impact of higher interest rates to big tech and growth companies. High Yield Corporate Bonds (HYG) and Investment Grade Corporate Bond (LQD) prices both dropped for the day. Silver (SILVER) and Gold (GOLD) both declined. Crude Oil (CRUDEOIL1!) advanced despite inventories being higher than expected. Timber (WOOD) advanced. Copper (COPPER1!) and Aluminum (ALI1!) both declined. Copper gave back nearly all of its gains from yesterday. Aluminum declined just slightly compared to yesterday's huge gain. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose to 0.719. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index moved back to the neutral level. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All of the big four mega-caps had losses for a second day. Alphabet (GOOGL) was the only of the big four above the 21d EMA, but moved below the line today. Microsoft (MSFT) also hit a significant level, moving below its 40d MA. Apple (AAPL) and Amazon (AMZN) have both been trading below the two levels for the past two weeks. Bank of America (BAC) and JP Morgan Chase (JPM) led the mega-caps with +2.50% and 1.93% gains. These big banks are expected to benefit from the higher bond yields driving higher interest rates. PayPal (PYPL), Netflix (NFLX), Tesla (TSLA) and Nvidia (NVDA) were at the bottom of the mega-cap list. The only growth stock tracked by this daily update to end the day in the positive was Alibaba with a +0.79% advance. The hardest hit were Fiverr (FVRR), Esty (ETSY), Grow Generation (GRWG) and Moderna (MRNA), all with greater than 10% losses for the day. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead Initial Jobless Games, Unit Labor Costs and Nonfarm Productivity data released tomorrow before market open will add to today's narrative around the slowing recovery. Either it will boost confidence or add to worries that maybe the economic recovery is slowing. Fed Chair Jerome Powell is scheduled to speak in early afternoon. Thursday's earnings reports will include Broadcom (AVGO), Costco (COST), Kroger (KR), Burlington Stores (BURL), Gap (GPS). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The five-day trend line is pointing to a +2.36% gain for tomorrow. The index is at the lower line of the five-day regression trend channel. The trend-lien from the 2/16 ATH is pointing to a +0.60% gain for tomorrow. If the one-day and two-day trends continue, then another -1.60% decline can be expected tomorrow. The index is sitting just a hair below 13,000 right now. If there is further downside, the 12,550 area also held in an early January dip. If it passes that area, the next support area is 12,250. There is a head and shoulders pattern on the Nasdaq chart. This pattern represents an attempt to move back to new highs that was rejected at a previous resistance point. Generally speaking, the height of the head is measured to determine the potential move downward that will occur as the price breaks below the neck line. That points to a previous support area around 11,800 - 12,000. That likely would not happen in a straight line. The reason to watch for it is not to overreact to bounces along the way. Wait for your market rules to kick in, such as regaining the 21d EMA on higher volume. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up It's tough to watch the market retreat and worry about where it might find the bottom. It's important for my daily homework to not try to predict the movements. Rather we look at the chart and set some expectations so we can act following the set of trading rules that work for me. You should also have a set of rules that work for your trading style and risk tolerance. The market followed thru with the expectation we set yesterday of lower. Today, the expectation is still set for sideways or lower. We'll look for an expectation breaker as a positive development, especially if the 13,000 area support holds. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
28
Daily Market Update for 3/2Trend lines drawn from the 2/16 ATH (11d), 2/24 (5d) and today 3/2 (1d).   Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Tuesday, March 2, 2021 Facts: -1.69%, Volume lower, Closing range: 3%, Body: 97% Good: Stayed above 50d MA Bad: All red body, no visible upper/lower wicks, back below 21d EMA Highs/Lows: Higher high, lower low Candle: Marubozu black candle with no wicks, all red body, outside day Advance/Decline: More than three declining stocks for every advancing stock Indexes: SPX (-0.81%), DJI (-0.46%), RUT (-1.93%), VIX (+3.21%) Sectors: Materials (XLB +0.56%) only gaining sector. Consumer Discretionary (XLY -1.15%) and Technology (XLK -1.59%) were bottom. Expectation: Sideways or Lower -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview The market gave up half of yesterday's gains in a continuation of two weeks of choppiness as investors await a stimulus bill that will have both positive and negative impacts on equities. Today's expectation breaker after yesterday's session requires a deeper look to understand. Investment has been rotating in and out of Consumer Discretionary and Technology for the past two weeks. The Nasdaq closed the day with a -1.69% decline on lower volume. The 97% red body with no visible upper and lower wick forms a Marubozu (shaven head) candlestick. The 3% of lower wick was formed in just the last few minutes of trading as most of the day was dominated by selling. There were three declining stocks for every advancing stock. The S&P 500 (SPX) and Dow Jones Industrial average (DJI) lost -0.81% and -0.46%. The Russell 2000 (RUT) turned in the worst performance of the day with a -1.93% decline. The VIX volatility index advanced +3.21% Materials (XLB) was the only gaining sector with a +0.56% advance. Also near the top of the sector list, but with a small loss, was Industrials (XLI) which declined -0.29%. Both sectors are likely to benefit from infrastructure projects planned to boost economic recovery. The bottom two sectors were also the only two to underperform the SPX. They were Consumer Discretionary (XLY -1.15%) and Technology (XLK -1.59%). -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) declined -0.25%. Yields on the 30y treasury bonds remained about the same while the 10y yields dropped. The 2y treasury bond yields remained flat. High Yield Corporate Bonds (HYG) and Investment Grade Corporate Bond (LQD) prices both dropped for the day. Silver (SILVER) and Gold (GOLD) both advanced for the day. Crude Oil (CRUDEOIL1!) advanced slightly after declining yesterday. Timber (WOOD) declined. Copper (COPPER1!) and Aluminum (ALI1!) both advanced considerably, moving up alongside the performance in the Materials sector. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio dropped slightly to 0.578 as investors moved back to a bullish level. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index is lower than the previous day, but still in the greed range. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All of the big four mega-caps had losses for the day. Alphabet (GOOGL) is the only of the four trading above the 21d EMA. Microsoft (MSFT) closed below the 21d EMA, but is still trading above the 50d MA. Apple (AAPL) and Amazon (AMZN) are trading below both lines and their 21d EMA is below the 50d MA as they continue to look bearish. AT&T (T), Coca-Cola (KO) were among a short list of mega-caps that had gains for the day. Tesla (TSLA) was at the bottom of the list -4.45%, down 20% from yesterday's intraday high. Square (SQ) and Dr Horton (DHI) were the only two growth stocks for the daily update with gains, advancing +4.65% and 1.47%. NIO (NIO) dropped -13.0% after a disappointing earnings release. Zoom Video (ZM) dropped -9.00% after gapping up and then giving up 15% in intraday selling. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There is an OPEC Meeting scheduled for tomorrow that will impact crude oil prices and likewise the energy sector. Crude Oil Inventories will also be released later in the day. The weekly stock numbers released today were higher than expected. Non-farm Employment data before market open will give an update on the labor market. Just after the market opens, Services and Non-Manufacturing purchasing data will give a heads up on activity levels for the two sectors. Wednesday's earnings reports include Snowflake (SNOW), Okta (OKTA), Marvell (MRVL), Splunk (SPLK), and Dollar Tree (DLTR). Check the companies in your portfolio for earnings reports so you are not surprised. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The five-day trend line is pointing to a +0.65% gain for tomorrow. The one-day trend line points toa -0.39% while the trend-line from the 2/16 ATH is pointing to a -1.52% loss. Both of those moves would put the index back below the 50d MA. If there is further downside, the index held the 13,000 area as support in the previous two weeks. The 12,550 area also held in an early January dip. If it passes that area, the next support area is 12,250. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up Looking at Monday and Tuesday, it seems like another choppy week is ahead. Today was dominated by selling, and with a thick red bodied candle, the expectation tomorrow has to be for Lower. Since there is support at the 50d MA, we can also expect a Sideways move. If there is a positive expectation breaker, then a gain on higher volume that takes the index back above the 21d EMA would provide confidence in a rally attempt. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
4
Daily Market Update for 3/1Trend lines drawn from the 2/16 ATH (10d), 2/23 (5d) and today 3/1 (1d).   Ideas always welcome in the comments. Errors will be amended as comments on TradingView or corrected inline in my blog. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Monday, March 1, 2021 Facts: +3.01%, Volume lower, Closing range: 97%, Body: 78% Good: Strong buying throughout day, close above 21d EMA Bad: Nothing Highs/Lows: Higher high, higher low Candle: Thick green body with short upper/lower wicks, slightly longer lower wick Advance/Decline: More than three advancing stocks for every declining stock Indexes: SPX (+2.38%), DJI (+1.95%), RUT (+3.37%), VIX (-16.46%) Sectors: Technology (XLK +3.22%) and Financials (XLF +3.13%) were top. Consumer Staples (XLP +1.01%) and Real Estate (XLRE +0.11%) were bottom. Expectation: Higher -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Overview Monday kicked off the week with an upside reversal from last week's downtrend. A small gap up was closed early in the session that was dominated by buying the rest of the day. The gains were large and broad across the market as manufacturing data released in the morning was better than expected. The Nasdaq closed the day with a +3.01% gain. Volume was lower than Friday. The closing range of 97% represented the buying that continued into close after gains throughout the day created a 78% green body. More than three stocks gained for every declining stock. The Russell 2000 (RUT) returned to the top of the index list with a +3.37% gain on optimism for stimulus to soon pass through congress. The S&P 500 (SPX) advanced +2.38%. The Dow Jones Industrial (DJI) gained +1.95%. Most importantly, all of the major indexes closed back above their 21d EMA, a key line for support and resistance. The VIX volatility index dropped -16.46% after gaining over 26% last week. All sectors gained for the day with Technology (XLK +3.22%) and Financials (XLF +3.13%) leading the list. Energy led for half the session before dropping back behind the other sectors. Consumer Staples (XLP +1.01%) and Real Estate (XLRE +0.11%) were the worst performing. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Economic Indicators The US Dollar (DXY) gained +0.14%. Yields on 30y treasury bonds gained while 10y yields stayed about even. 2y treasury yields dropped for a second day after spiking last Thursday. Prices on High Yields Corporate Bonds (HYG) rose for the day will Investment Grade (LQD) corporate bonds dropped slightly. Silver (SILVER) and Gold (GOLD) declined. Crude Oil (CRUDEOIL1!) declined. Timber (WOOD) advanced. Copper (COPPER1!) and Aluminum (ALI1!) both declined. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Investor Sentiment The put/call ratio rose slightly to 0.823. The put/call ratio (PCCE) is a contrarian indicator that shows overly bullish or overly bearish investor behavior. The 0.7 level is considered normal. As it approaches 0.60 (overly bullish) and below, watch for a possible pullback in the market. The CNN Fear & Greed index moved back to the Greed side but not yet Extreme Greed. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Market Leaders All of the big four mega-caps closed the day with gains. Unlike Friday's gains, today's gains look more bullish, albeit the volume is lower. Microsoft (MSFT) closed back above the 21d EMA, joining Alphabet (GOOGL) which had recovered the line on Friday. Apple (AAPL) and Amazon (AMZN) are still trading below both the 21d EMA and 50d MA. Tesla (TSLA) was the top mega-cap of the day with a 6.26% gain. Apple, PayPal (PYPL) and Exxon Mobile (XOM) round out the top four mega-caps. Most mega-caps gained for the day. All of the growth stocks I track for the daily update had gains for the day. Digital Turbine (APPS) was the big winner with a 14.74% gain, nearly climbing back to its all-time high. Grow Generation (GRWG), Draft Kings (DKNG) and Etsy (ETSY) were other growth stock with greater than 10% gains. Zoom Video (ZM) is up +8.60% after hours, providing a strong earnings beat and guidance for 2021 in their earnings update. NIO (NIO) and Lemonade (LMND) both were down after hours, disappointing investors with their earnings report. NIO had a greater loss than expected, despite strong revenue. Lemonade did not provide a strong outlook. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Looking ahead There is not a lot of economic news scheduled for Tuesday. FOMC Members Brainard and Daly are scheduled to speak in the afternoon. API Weekly Crude Oil Stock will be released after market close. Tuesday earnings releases will include Sea (SE), Target (TGT), Veeva Systems (VEEV), Ross Stores (ROST), and Kopin (KOPN). Check the companies in your portfolio for earnings reports so you are not surprised. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Trends, Support and Resistance The one-day trend line points to a +4.39% gain for Tuesday. That's still well below the 14,000 area where possibly the index would find resistance. The five-day trend line points to a -1.06% loss. The index closed in the upper half of the five-day regression trend channel. A return to the center of the channel would put the index back in the middle of the 21d EMA and 50d MA. The trend-line from the 2/16 ATH is pointing to a -3.42% loss that puts the index back below the 50d MA and above the 13,000 support area. If there is further downside, the index held the 12,550 area in an early January dip. If it passes that area, the next support area is 12,250. -=x=-=x=-=x=-=x=-=x=-=x=-=x=- Wrap-up The downward trend and indecisive Friday made the expectation for today of Sideways or Lower, but with the hopes for an expectation breaker. We got that expectation breaker today thanks to positive news over the weekend on the stimulus as well as signs that treasury bond yields had topped and would come back down. The US Dollar also strengthened considerably against other currencies, thanks to a positive outlook on the US economy and controlled inflation. Expectation for tomorrow is a continuation and move higher. If that doesn't happen, then we'll take another look for indications on why not. Another positive gain, but with more volume would be a confidence booster. Stay healthy and trade safe!
NASDAQ:IXIC
by drewby4321
1