The Market Rallies Off Lows
Hi everyone,
Let’s dive right into today’s (Monday’s) action. We’ll cover the general market and then individual stocks that are standing out.
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The General Market
After initially pulling in the market was supported and closed near the highs and the open.
The QQQ closed up over 1.1%. There were still net new lows
The SPY was a bit stronger up 1.24%. There were new net lows on the NYSE.
The IWM is still a bit choppy and was up .43%
The VIX is now below a declining 21ema
The T2108 continues to form higher lows
The McClellan Oscillator is at the top of its range
Trends (2/4 Up) (QQQ)
Short-term: Up (above a rising 5 sma)
Intermediate-term: Up (above a rising 21 EMA)
Mid-term: Down (Below a declining 50 sma)
Long-term: Down (below a declining 200 SMA)
Overall Thoughts
We continue to see the market hold and individual stocks act well. Oil and gas names and biotech are still the biggest themes I see. Big Pharma stocks today in particular acted very well. I made a video yesterday going through 30+ stocks I have my eye on
Keep watching price action day by day and managing risk! For short-term traders you can certainly be increasing exposure as the market rewards it.
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Have a great week!
-Richard