Reaction positive after earnings for NVDA, early bet would be the market opening higher tomorrow morning
Some technology stocks/ETFs (including altcoins) have doubled so far this year; but the Dow Jones index is only flat/close to being negative. 10-year rates may have peaked this week at 3.97%, if they start going down then stocks may be able to run up again.
The Dow Jones is sitting right on its December low, from my technical analysis perspective today has been a total cliffhanger lol. For all the hoopla about the Dow Jones making a golden cross in December, it has hit an impenetrable ceiling for the last 3 months, and we are looking at a lower high to start this year. And I don't think there's any wiggle room to the downside. In fact it is near falling back below the 200 sma.
The biotech ETF, IBB, is real similar. It made its golden cross a month in advance of the Dow, but the high from August was a resistance level (charts of QQQ and SPY show downtrend lines starting from August). But IBB has had a rougher month, waterfalling ever since the beginning of February and now sitting on the 200 sma. Spoiler At least DIA and IBB got back to their August high. Although QQQ and SPY are up this year, they too are sitting on their 200 sma.
If we retest the lows from last October then I think the DOW stocks will be joining the party this time around and not holding up as well like they did last year
When did insurance stocks get so volatile? These are small companies (UIHC under $100m, UVE under $400m) but they both pay nice dividends...like insurance stocks usually do.
The SPX is at 3947 with another hour to go on Wednesday. But, the SPX shows only 76 million. Not a lot of volume, relatively speaking, I think
FSLR with a nice earnings result, new ATH. In terms of solar stocks, ENPH has fallen off a lot. The leading stocks now are FSLR, CSIQ, and SEDG. Not a solar stock, but AXON also making a new ATH after earnings.
Dow Jones stock CRM (Salesforce) is +15% after hours. The DIA is bouncing after touching the December low today. We may see tech stocks underperform for a little bit. The QQQ has a bit more cushion above its December low, whereas the Dow has to move up off of it now. As for this week, the SPX was down 3 weeks in a row. That very often means we make a lower low this week, which we did today. See if we can bounce at the end of the week to avoid a 4 week losing streak.
The SPX hit around 3930 this morning. But, as the volume yesterday suggested, the "heaviness" for the non-upside is there, but not explosive. The issue is at what point is it prime for entering long and then, of course, a trading management issue--how much to enter with
