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Friday, April 27, 2018 4:02:12 PM
Nasdaq Breadth Is (Too) Good As Buyers Finally Persist Intraday
By: SentimenTrader | April 27, 2018
Tech breadth remains impressive
A few major Tech stocks get all the attention, throwing a shadow over all the other members. So far this year, the sector is showing some of the best breadth readings since 1990, with broad participation.
Even if there was a negative divergence with breadth, it would not be a good reason to sell.
Buyers finally close
For the first time in weeks, buyers have persisted in closing the regular trading session near the intraday high. Prior to Wednesday, the S&P 500 futures closed in the bottom 76% of their range for 14 straight days.
When a streak of poor closes was ended by a close near the top of the range, it led to further gains.
Nasdaq gap
The Nasdaq 100 fund, QQQ, enjoyed a 2% rally on Thursday and thanks to a good reception to after hours earnings, is on track to gap up more than 1% on Friday morning. In its history, it has gapped up 1% the morning after a 2% rise 73 times, with its most consistent performance being a week later, when it added to the gains 26 times (a 35% win rate).
Intraday bubbly
Our shortest-term STEM.MR Model closed above 90% on Thursday, suggesting an abnormally large surge in ultra short-term optimism.
https://sentimentrader.com/blog/nasdaq-breadth-is-too-good-as-buyers-finally-persist-intraday
• DiscoverGold
By: SentimenTrader | April 27, 2018
Tech breadth remains impressive
A few major Tech stocks get all the attention, throwing a shadow over all the other members. So far this year, the sector is showing some of the best breadth readings since 1990, with broad participation.
Even if there was a negative divergence with breadth, it would not be a good reason to sell.
Buyers finally close
For the first time in weeks, buyers have persisted in closing the regular trading session near the intraday high. Prior to Wednesday, the S&P 500 futures closed in the bottom 76% of their range for 14 straight days.
When a streak of poor closes was ended by a close near the top of the range, it led to further gains.
Nasdaq gap
The Nasdaq 100 fund, QQQ, enjoyed a 2% rally on Thursday and thanks to a good reception to after hours earnings, is on track to gap up more than 1% on Friday morning. In its history, it has gapped up 1% the morning after a 2% rise 73 times, with its most consistent performance being a week later, when it added to the gains 26 times (a 35% win rate).
Intraday bubbly
Our shortest-term STEM.MR Model closed above 90% on Thursday, suggesting an abnormally large surge in ultra short-term optimism.
https://sentimentrader.com/blog/nasdaq-breadth-is-too-good-as-buyers-finally-persist-intraday
• DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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