Another strong move as NASDAQ continues blowing higher through its 50 day MA while SP500, DJ30 bump that resistance. SP400, RUTX are bumping the 50 day EMA on their bounce. Small and midcaps taking a bit of a back seat to the large caps today as NASDAQ 100 sports the best gain of the day thanks to CSCO, FAANG, MSFT.
SP500 27.72, 1.03%
NASDAQ 101.40, 1.42%
DJ30 266.22, 1.07%
SP400 0.83%
RUTX 0.82%
SOX 1.01%
NASDAQ 100 1.63%
Retailers continue performing and we picked up some WMT and BBY. Biotechs are hit and miss but strong overall, and we picked up some IMGN. Looking at more positions on SQ as it shows a solid break higher with some very decent volume.
The rebound rally continues, perhaps a bit longer in the tooth but still producing solid breaks higher from good patterns. We have some very good positions, and at this point want to see how much more upside the move has, letting our positions work.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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