Solar Stocks Fade even as the Market Rebounds
Hi everyone,
Let’s dive right into today’s (Wednesday’s) action. We’ll cover the general market and then individual stocks that are standing out.
Make sure you are subscribed so that you don’t miss any future articles.
The General Market
Tuesday we saw strong action and it looked like it would be completely reversed intraday. However, the market closed strongly.
After the gap down open and being -2.5% on the day, the QQQ recovered to close only slightly red. There were net new lows.
The SPY was similar, recovering to finish down only .23%. The NYSE made new net lows.
The IWM was down 0.74%
The VIX is below its 5esma and right above its 21ema.
The T2108 has rallied into the 20s
The McClellan Oscillator is in the middle of its range
Trends (3/4 Down)
Short-term: Up (Above a increasing 5 sma)
Intermediate-term: Down (below a declining 21 EMA)
Mid-term: Down (Below a declining 50 sma)
Long-term: Down (below a declining 200 SMA)
Overall Thoughts
The overall action of the indexes was quite positive. We are right against the 21ema which is a key level and gauge to determine the intermediate-term trend.
The negative from today is that the solar group which had been one of the key leaders took hits. FSLR failed a breakout and ENPH broke down sharply.
We need to see leadership groups emerge and rally strongly for a sustained uptrend. Biotech remains strong.
On a short-term basis you can see we are right at a key level on the 65 minute chart. Do we follow through on today’s momentum or fail?
We will have to wait and see.
I hope you found this article helpful! Let me know your thoughts in the comments below.
Here is what you can do to help make them possible and support my work.
Leave a like on this post below
Share this post on Twitter using the button below
Have a great week!
-Richard