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Wednesday, April 24, 2019 11:40:45 AM
NASDAQ Breaks Out, Sets New All-Time High
By: Tom Bowley | April 24, 2019
The small cap Russell 2000 led our major indices higher, gaining 1.61%, but the day clearly belonged to the NASDAQ, which not only climbed 1.32%, but broke to new all-time intraday and closing highs. The NASDAQ pierced the 8109.69 level that had been the previous closing high set on August 29, 2018. Healthcare (XLV, +1.58%) sparked the rally, but there was wide participation. Communication services (XLC, +1.34%), consumer discretionary (XLY, +1.20%) and technology (XLK, +1.09%) also led on a relative basis and these aggressive sectors should always be closely watched during rallies. The XLY and XLK have both broken out on a relative basis, further confirming the sustainability of this advance:
Yesterday marked the NASDAQ's breakout, but money has been rotating ahead of this breakout. Technology broke out in March and consumer discretionary broke out earlier in April....to all-time relative highs. Wall Street has been placing its bets on aggressive stocks and that typically means one thing. We're going higher.
Earnings season is kicking in and consumer staples (XLP, -0.32%), unfortunately, struggled to keep up with the overall market after a negative reaction to Proctor & Gamble's (PG, -2.69%) quarterly report. However, most earnings are coming in ahead of expectations with mostly positive reactions to those earnings. I realize there are still lots of companies gearing up to report, but with early results in, it certainly appears that earnings could be the catalyst to take our major indices much higher...
Read Full Story »»»
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By: Tom Bowley | April 24, 2019
The small cap Russell 2000 led our major indices higher, gaining 1.61%, but the day clearly belonged to the NASDAQ, which not only climbed 1.32%, but broke to new all-time intraday and closing highs. The NASDAQ pierced the 8109.69 level that had been the previous closing high set on August 29, 2018. Healthcare (XLV, +1.58%) sparked the rally, but there was wide participation. Communication services (XLC, +1.34%), consumer discretionary (XLY, +1.20%) and technology (XLK, +1.09%) also led on a relative basis and these aggressive sectors should always be closely watched during rallies. The XLY and XLK have both broken out on a relative basis, further confirming the sustainability of this advance:
Yesterday marked the NASDAQ's breakout, but money has been rotating ahead of this breakout. Technology broke out in March and consumer discretionary broke out earlier in April....to all-time relative highs. Wall Street has been placing its bets on aggressive stocks and that typically means one thing. We're going higher.
Earnings season is kicking in and consumer staples (XLP, -0.32%), unfortunately, struggled to keep up with the overall market after a negative reaction to Proctor & Gamble's (PG, -2.69%) quarterly report. However, most earnings are coming in ahead of expectations with mostly positive reactions to those earnings. I realize there are still lots of companies gearing up to report, but with early results in, it certainly appears that earnings could be the catalyst to take our major indices much higher...
Read Full Story »»»
• 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!
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