US stocks were mixed on Tuesday.
Below are highlights from the NDW Morning Update Video for the morning of 9/23. Access the video on the NDW Morning Update Video page.
- US stocks were mixed on Tuesday. The Nasdaq-100 (NDX) led the way to the upside, gaining 82 bps while the S&P 500 (SPX) finished the day flat and the Dow (.DJIA) fell 36 bps. Semiconductors continued to rally as the iShares Semiconductor ETF (SOXX) gained 2.4%. SOXX is now up almost 15% over the last week.
- NDX reached a new all-time high yesterday, climbing as high as 30,770. But, on its point & figure chart, NDX still sits against resistance at 30,600.
- The Nasdaq Composite (NASD) also reached new all-time high and broke through prior resistance on its P&F chart with a move to 27,200.
- Crude oil was down for a sixth consecutive day, falling 2%. Crude is now down more than 14% over the last seven days.
- While US stocks, especially technology, have rallied over the last week, most short-to-intermediate term participation indicators like the bullish percent for the S&P 500 (BPSPX), bullish percent for the NYSE (BPNYSE), and positive trend for the NYSE (PTNYSE) remain in Os, indicating narrowing breadth.
- Yesterday’s research focused on international equities. While the iShares MSCI EAFE ETF (EFA) reached a new all-time high in August, the iShares MSCI Emerging Markets ETF ([EEM}) has yet to eclipse the high it reached in June and remains on a sell signal on its default chart. However, EEM has a stronger fund score than EFA and emerging market countries account for seven out of the top 10 representatives in the NDW Country Index Matrix.
