Library Archive
-
- Tuesday’s (10/20) trading action was largely positive as many major assets gained ground throughout the day. Leading the way to the upside were small caps ([RUT]), the equal weight S&P 500 ([SPXEWI]) and the Dow Jones Industrial Average ([.DJIA]) which all picked up over 1% for the day.
- In terms of notable chart changes, the upside action for the Russell 2000 saw the index return to a column of Xs on its default chart to a chart reading of 2780. Despite this, the recent exhale has seen (RUT) rattle off a string of sell signals and return to a negative trend. All that to say, keep a watchful eye over small cap exposure as we wrap up October.
- Other changes included a reversal back into X’s for long-duration bond fund ([TLT]) as rates cooled slightly. Despite the short-term uptick, fixed income-particularly those areas further out on the curve- remain laggards when compared to other areas of the investable universe.
- Near-term participation has continued to improve. The percentage of S&P 500 stocks trading above their 50-day moving average ([^TWSPX]) has climbed back up over 50% recently… a net positive as near-term breadth expands. While the recent exhale has left some damage to more intermediate/long-term readings, an uptick in positively contributing stocks is certainly a good thing.
- The closing bell today (10/21) ushers in earnings for several household names. The likes of META ([META]), Tesla ([TSLA]) and Lam Research ([LRCX]) report after close. Each name earnings a technical “Hold” rating (3/5) according to NDW’s technical attribute rating system heading into their respective calls. Looking out to Thursday, Valero Energy ([VLO], 5/5’er) is a standout.
0
Loading, Please Wait...
