Top 10 Report – July 15, 2020

The Indexes

The NASDAQ began the week by gapping up to to new all-time highs Monday morning, but ultimately reversed on huge volume and closed near session lows. However, yesterday it found support just slightly above its 21-DMA/23-EMA, bounced and closed near its high for the day, as volume declined and continues to hold up rather well.

The S&P 500 began the week strong but was unable to clear resistance above 3,233.13 on Monday, however, it rebounded yesterday and continues to consolidate constructively right above its tightly bunched, short-term moving averages and looks ready to move higher from here.

The small-cap Russell 2000 continues to tighten up as it moves sideways in between critical levels of support and resistance, from where a continuation of its uptrend appears likely to occur.

The DOW had been tightening up as it moved sideways between critical support and resistance in a similar manner to the Russell 2000. However, yesterday it finally broke above its 200-DMA, closed near its high for the day and well into its gap which is constructive.

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July 15, 2020