Summary
Stocks had another good day on Wednesday, with leadership from small- and mid-cap issues. The S&P 500 (SPX) gained 0.4% and is closing in on its all-time high of 6,119 from January 23. The Nasdaq rose 0.2%, the Nasdaq 100 tacked on 0.4%, and the S&P 400 and the S&P 600 both popped 0.9%. It's hard to say if it was a risk-on day as leadership came from Real Estate, Information Technology, Financial, Utilities, Healthcare, and Consumer Staples, with Consumer Discretionary and Communication Services bringing up the rear. Of course, individual stock names can hurt a sector, with TSLA off 3.6% and GOOGL losing 7.3% after reporting 4Q EPS. Our short- to intermediate-term technical scorecard is bullish for the major indices. For the SPX, the five-day/13-day and eight-day/21-day exponential moving average (EMA) crossovers are bullish; the Vortex Indicator and the 21-day rate-of-change (ROC) are bullish; the CTM Trend Meter is improving but only slightly positive; daily momentum is bullish; and no chart damage occurred during the recent pullback. Certain breadth measures are only neutral to slightly positive. Some 62% of SPX stocks above their 200-day average, while the bullish percent index is only 55%. B
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