Top 10 Report – December 2, 2019

Market Insight

The NASDAQ and S&P 500 pulled back to their very short-term 4-EMA’s last Friday, after closing at new all-time highs for the prior 3 sessions. The DOW also pulled back a bit last Friday but closed in between its 4-EMA and 10-DMA and on he heels of back to back record closes for the prior 2 sessions. The Russell 2000 pulled back a bit as well, closed slightly above its 4-EMA and well above major support. Volume fell noticeably across the board, due to the holiday, half-session. Also, the distribution count is low and not a concern.

The VIX rallied off its lower Bollinger Band and ended the week in a neutral position. The McClellan Oscillator also finished the week at neutral levels, while the Put/Call Ratio finished on the high side, but nowhere near extremes.

Market leadership remains healthy and broad. Leading growth stocks with excellent fundamentals continue to breakout of sound bases on heavy volume and make worthwhile progress to the upside. The same sectors that we discussed in the last report remain in play. They were the technology, medical/biotech, retail, building, financial and transportation sectors.

So, continue to keep track of the strongest stocks in the strongest groups, with the best fundamentals. Set your alerts and be ready to buy these stocks as entry areas present themselves.

The Indicies

The NASDAQ pulled back to its super short-term 4-EMA on light holiday trade last Friday, on the heels of 3 consecutive record closes, which is considered healthy, constructive action.

The Russell 2000 pulled back slightly with the other major indexes last Friday, closed slightly above its short-term 4-EMA and well above major resistance, which is considered healthy, constructive action, despite continuing to trade well below its prior all-time highs.

The S&P 500 pulled back to its super short-term 4-EMA on light holiday trade last Friday, on the heels of 3 consecutive record closes, which is considered healthy, constructive action.

The DOW fell on light holiday trade last Friday and closed slightly below its very short term 4-EMA, yet above its short-term 10-DMA, which is considered healthy, constructive action.



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December 1, 2019

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