SPY and the S&P500 continue grinding towards the February peak, with breadth improving as NYMO shows a full-on bullish cycle. Watchlist stocks benefitting from sector rotation, hailing from the industrials and financials sectors also performed.
Price action is rising along with the bullish 9/21d moving averages, nearly printing a hanging man yesterday. For all intents and purposes it did close in the upper part of its daily range, near the highs of the day.
MACD remains above its signal line. Volume needs to increase.
NYMO Bullish Cycle – Breadth Improving
The McClellan Oscillator is printing a bullish cycle (black line) since turning the second week of July. Breadth is improving.
Watchlist for the Week
Given the sector rotation we’ve discussed the past couple of weeks, industrials and financials populated the watchlist. The stocks closed higher on Monday, most steering away from the 9/21d moving averages.
|CAT||CAT – Caterpillar, Inc.||142.02||7.10||5.26|
|RTX||RTX – Raytheon Technologies Corp.||64.23||3.00||4.90|
|NKE||NKE – Nike Inc.||105.41||3.55||3.49|
|WBA||WBA – Walgreens Boots Alliance, Inc.||42.86||1.34||3.23|
|DD||DD – DuPont de Nemours, Inc.||57.67||1.80||3.22|
|AXP||AXP – American Express Co.||101.62||2.46||2.48|
|MMM||MMM – 3M Co.||161.44||3.11||1.96|
|DHI||DHI – DR Horton Inc.||69.70||1.32||1.93|
|IBM||IBM – International Business Machines||127.11||2.15||1.72|
|TRV||TRV – The Travelers Cos., Inc.||119.12||1.76||1.50|
|WMT||WMT – Walmart Inc.||131.88||1.91||1.47|
|JPM||JPM – J.P. Morgan Chase & Co.||100.64||1.26||1.27|
|VZ||VZ – Verizon Communications||58.99||0.46||0.79|
|UNH||UNH – Unitedhealth Group, Inc.||319.10||2.07||0.65|
|GS||GS – Goldman Sachs Group, Inc.||209.38||1.11||0.53|
|AVGO||AVGO – Broadcom Inc.||327.36||1.43||0.44|
|PG||PG – Procter & Gamble Co.||134.10||0.55||0.41|
Futures are higher (+20) this morning, so these stocks should follow through this week. They all showed relative strength on Monday when the markets dipped shortly after 11:15 AM. The industrials and financials remain our primary focus in the interim.
Join us today in the trading room for our LIVESTREAM broadcastduring market hours, as we navigate the current environment. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Want to become a member? Check details here:
Disclaimer: Do your Own Research
Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.
We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.
Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.