SPY, IWM, NYA and NDX in particular, remain strong despite the financial media spin on the current news cycle.
The Nasdaq 100 stocks are all green in early trading, as ULTA, AVGO, LRCX, MCHP, ATVI, ASML, CDNS, AMD, FOXA and AMZN lead the “Top 10” this morning. LRCX was at the top of the list on Thursday as well.
NDX 100 Weekly Chart
Nasdaq weekly illustrates strength, as price moves through overhead resistance this week. RSI is rising and above 50, while MACD remains above its signal line. The latter confirms bulls remain in control. Volume is significant in this twelve week bullish cycle.
Additional points to consider:
- New highs were beating new lows Monday ~ Thursday.
- NYHL rose sharply. Stocks were bullish for the most part.
- TICK and TICKQ cumulative indicators are rising sharply most of the week. The latter can only rise if institutions are buying more stocks on the uptick than they are selling on the downtick.
- Risk on indicators, JNK, IWM and IBB were flat on Thursday.
Bullish setups from the watchlist(s) past and present that are trending:
AAPL, ALXN, AMD, ANET, BAH, CSII, CTRE, FND, HAIN, HQY, INTU, JNJ, PLNT, TIF, TTD, V, WP, YETI.
Continue trailing stops on these new positions.
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*** 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.