Okay, here in the last hour stock indices are holding gains and many individual stocks are up after gapping higher. Big names on NASDAQ are moving well and that has NASDAQ 100 at a new all-time high. SOX is posting a solid gap and rally off its 50 day SMA. NASDAQ is in the upper half of its range, closing in on the September and early October highs.
The NYSE indices are up but not so definitively. DJ30 again hit the 50 day EMA, indeed moved through it, but is having a hard time holding, fading below it here in the afternoon. Similar action in SP500 as it hit the 2016 up trendline and faded. Ditto SP400 and RUTX.
SP500 9.43, 0.44%
NASDAQ 46.67, 0.89%
DJ30 77.81, 0.43%
SP400 0.47%
RUTX 0.57%
SOX 1.58%
Definitely a tech bias in the move as GOOG gapped away, FB surged, AMZN rallying well, MSFT continuing its Friday gap higher. Oil stocks are really struggling. On the other hand, financial, industrial machinery, metals, retail are holding up very well though not all are moving higher.
Will have to see how the indices close up the books on the day, if SP500 and company can move back up in the last half hour and recapture the 50 day EMA. They started to break lower but some bids have returned; perhaps they can pull it off.
So many stocks we were looking at gapped and rallied. Rather than chase them into the close, after a big gap and move higher we are considering seeing if they test the strong Monday move when the merger excitement is not around, barring a takeover Tuesday, thus giving some better entries. Some plays in energy are really struggling and some China plays are struggling as well. If they cannot snap out of it may have to close them.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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