With Thursday's powerful rise, nosotros had 809 stocks across the NYSE, NASDAQ, as well as ASE register fresh 65-day highs as well as 1257 tape novel 20-day highs. By contrast, nosotros had 227 as well as 604 novel lows, respectively. While these numbers are below peaks recorded a few weeks ago, they're a meaningful turnaround from recent weakness. Demand, a mensurate of strong upside momentum, shut at 163; Supply at 24. That indicates that the ascension was broad, affecting the bulk of issues. This is equally good reflected inward the relative describe of the modest caps, amongst the Russell 2000 futures hitting a post-March cost high.
My technical describe mensurate is a method of quantifying cost trending deportment over a short-to-intermediate term fourth dimension frame. Here's how the S&P 500 sectors await at acquaint inward damage of technical strength:
MATERIALS: -160
INDUSTRIALS: -40
CONSUMER DISCRETIONARY: +220
CONSUMER STAPLES: +220
ENERGY: +180
HEALTH CARE: +280
FINANCIAL: -320
TECHNOLOGY: +340
What nosotros tin laissez passer on notice meet is that, equally a group, there's been a dainty turnaround from recent lows, exactly nosotros maintain to meet real mixed sector performance. The weakness inward the materials sector as well as the restrained describe of the liberate energy shares are especially noteworthy, equally commodities quest hold been surgical physical care for leaders of late.
Technology remains a surgical physical care for leader, which is consistent amongst my recent findings on coin flows. The big story, perhaps, remains fiscal shares, which maintain to lag badly. We've seen many steps taken to stabilize vulnerable banks, as well as these quest hold even as well as hence to interpret into meaningful, sustained confidence inward the sector. This remains a potential Achilles heel for the market's attempted recovery.
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